Blockchain Interoperability: The Holy Grail for Cross-Chain Deployment
Even though cross-chain systems are gaining more attention, experts believe it will take some time for this technology to evolve and mature.
As per a detailed report released by accounting giant Deloitte at the World Economic Forum on the subject of blockchain interoperability, this fast-evolving technology still has some distance to tread before it can be ported into action for mainstream purposes such as large-scale supply chain management, secure data sharing and other processes.
In this regard, a number of big-name web service providers such as IBM, Oracle, Azure Blockchain Services and SAP have been vocal in their support for cross-chain platforms and have made a firm commitment to solving many of the issues that currently plague this fast-growing technology.
For example, the World Health Organization in conjunction with the help of the aforementioned companies was able to deploy a platform called MiPasa, which has been built atop the Hyperledger Fabric framework, to enable the “early detection of COVID-19 carriers and infection hotspots.”
Similarly, tech giants Accenture and Fujitsu recently announced that they are currently working on an open-source software called “Hyperledger Cactus,” which will allow for the secure and reliable integration of multiple blockchains using Fujitsu’s proprietary security technology “ConnectionChain” and Accenture’s “Blockchain Integration Framework.” The project is aimed at fostering a new foundational framework that can enable faster asset transfers and streamline the recovery process associated with blockchain transaction errors.
Mainstream deployment of interoperable blockchains
A key feature of the JSB Foundation is the cross-chain interoperability it is working on. The capabilities will ensure that different blockchains can all work together, which will help to massively increase the size of its ecosystem.
A cross-chain swap enables trading tokens across different blockchains without using an intermediary party (e.g. an exchange service) in the process.
The concept of cross-chain should be viewed as a technology that allows for interoperability and scalability. By offering a platform that lets various blockchains interact with one another, cross-chain allows us to break barriers. If history tells us anything, it is that true success requires collaboration; no one project will be able to do it all. Through cross-chain technology, different projects are able to work with each other and join forces to bring the best solution to the market.