The Push For Blockchain Interoperability

[Kathleen Martin]

• Developing an interoperable network will grow blockchain implementation efforts and expansions.
• Blockchain ecosystems need to be flexible and willing to interact across ecosystems for the technology to be adopted.
• Efforts to develop an interoperable network are still in the early stages.

Developments focused on blockchain innovation are rapidly changing as blockchain’s popularity increased over the years. As blockchain is rapidly disrupting more than just the financial markets, demand for agnostic/cross-chain developments is essential. Prioritizing developments is negotiated by projects, each hoping to solve one crucial element and increase mass adoption.
More Than Just a $2 Trillion Stake
The current market capitalization is $2 trillion despite blockchains behaving as singular and self-reliant blockchains. Unfortunately, this creates communities that damage the industry’s natural growth: Dogecoin’s creator labelled the crypto mentality as a get-rich-quick scheme that benefits only the wealthy, simply because the current behaviors of both investors and developers are focused on their projects’ success.
Interoperability will de-scrutinize the industry’s stigma of being a means for speculation. Naveen Joshi, director at Allerin Process Automation, highlights that interoperability will make adoption at the business level easier, decreasing its technological and implementation barrier. Thus, developing a blockchain agnostic protocol or blockchain will only help normalize the decentralizing technology.
Interoperability Wheels Are in Motion
Existing leading smart contract ecosystems lack the innovative energy to explore more ways to improve their network, as they already focus on scalability. Blockchains like Solana are dabbling with the idea of cross-chain transactions by creating a communication process; however, they are limited. Interoperability entails complete heterogeneity from current developments, facilitating a bidirectional communication order between two autonomous blockchain codes.
In a survey on blockchain interoperability, Rafael Belchior, Ph.D., Researcher at Universidade de Lisboa, illustrates the existence of multiple DLT approaches to interoperability. Belchior notes that “different categories” approach interoperability differently, but all strive for the same end goal of creating blockchain data congruence.
Most of the developments undertaken are between two blockchains; each project has its own approaches, whether it is Wanchain’s non-custodial cross-chain layout connected with Avalanche C-Chain or Solana’s wormhole.
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