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Title: What is Blockchain Interoperability


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What is Blockchain Interoperability
blockchainexpert.uk
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  • INTRODUCTION

After the initial release of bitcoin, we
witnessed a new era of blockchain and it brought
a huge change in the traditional network and its
security. Now, this technology reached all
mainstream areas from common users to many
organizations and government agencies. Many new
projects are emerging and it is increasing each
year and they all try to build the best
blockchain. Each new blockchain is built on the
ground that is much secure and scalable than the
previous one. Even though these projects are
built on a common idea of building a faster and
secure blockchain, they all work in a stand-alone
way, as a normally disconnected blockchain. They
use different spaces, different consensus
mechanism models, hashing algorithms and many
more things. Each blockchain is completely
removed from the other and so is uninfluenced by
any activity happening in another one. For
example, the Bitcoin blockchain is entirely a
different chain from Ethereum blockchain. A new
method called blockchain Interoperability has
emerged, which in turn is the ability to transfer
data among blockchains as if it is connected. It
basically connects chains with distinct state
machines and consensus.
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  • Interoperability is the capacity to openly share
    data across blockchain frameworks. In a
    completely interoperable condition, if a client
    from another blockchain sends you something on
    your blockchain, you will have the option to
    effectively peruse, appreciate, and communicate
    with or react to it with little exertion.
    Ventures that need to execute interoperability in
    their framework, expect to make a stage that will
    empower different diverse blockchains to discuss
    effectively with one another, without the
    requirement for an outside mediator.
  • Why is it important to have Blockchain
    Interoperability?
  • Blockchain has created large and competitive
    projects. Most projects focus on beating other
    blockchains rather than on its general
    infrastructure. The scalability of the network is
    such a prospect. The very first blockchain can
    only handle just a small transaction rate of
    seven transactions per second while the Visa
    Network currently handles around 24,000 TPS. Now
    everything got changed and there are various
    blockchains that can handle a transaction of
    40,000(TPS)

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The network that we see now allows large
modification and access of data through APIs,
only made possible by interaction between various
networks. If interoperable was not possible, it
wouldnt have grown this much as of today. Now
everyone is thinking of using a common protocol
in blockchain so that it can work with each other
without any limit. Blockchain interoperability
can be divided into two 1. Open Protocols 2.
Multi-chain frameworks Open protocols Open
protocol lets different blockchain to communicate
and work in a trusted platform, eg Atomic
swap. Multi-chain frameworks Easy plug and share
data in the framework on the standard ecosystem
becomes much easier and effective in Multi-chain
frameworks. It is much different and effective
than the open protocol system
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  • Benefits of interoperability
  • Easy sharing of information across different
    blockchain platforms.
  • Strong smart contracts give easier execution.
  • Developers need to follow fewer protocols than
    undergoing many blockchain protocols.
  • The sharing of many solutions in a decentralized
    system among different blockchain ecosystems will
    increase the security and storing of data easily.
  • Data privacy and efficiency can be increased.
  • 51 attack becomes very difficult over the
    blockchain because of the vastness of this
    network.
  • Some of the projects that started to implement
    blockchain interoperability are

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Polkadot Polkadot's idea was put forward by one
of the Ethereum co-founder Gavin Wood. It
supports transactions and also data exchange.
Here the blockchains that participate in the
ecosystem are called Parachains, which is
connected to the central connector called Relay
Chain. Parachain has different characteristics
and easily does transactions between ecosystems.
All chains that become a part of the Polkadot
environment are required to set their agreement
system to the Polkadot's component, yet they have
the opportunity of building up the structure and
capacity of their blockchain. COSMOS One of
the prominent and important projects that have
stepped towards interoperability is Cosmos.
Cosmos uses the Tendermint Byzantine fault
tolerance protocol for implementation. Here each
blockchain is called Zones which are connected
to a central hub called Cosmos Hub Network
which enables interaction with each other.
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Even though a couple of projects are working
based on this project, the blockchain
interoperability solutions is still in its early
developmental stages. So it would be better to
understand that this idea has not yet been
crafted into its perfection and that the
above-mentioned startups are in its infancy and
have a long way to go.
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Read more What is Blockchain
Interoperability
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Thank You !
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