Have you heard of block chain interoperability?
Yes, maybe a tongue twister, but in today’s geek discussion, we’ll simply tackle this word.
This may have been unheard of, but it is basics that define the operations of any blockchain technology.
It is distributed, decentralized, and a public digital ledger housing millions of unique records called blocks that are used to note transactions across various computer networks. Now, we mentioned that blocks in each chain, no matter how adding up to one another, are different and distinctive to each chain.
Ergo, each chain does not know the information of other chains.
With the rise of multiple projects emerging every year to use bitcoin, data are pervasive; while the competition of these providers is on a roll, we can note that those projects create stand-alone, independent blockchains. They entail incomparable ecosystems, hashing algorithms, consensus models to name a few. As a result, the blockchain space is becoming narrower while decentralization is being underestimated.
For example, the Bitcoin (BTC) blockchain does not resemble any information in Ethereum (ETH) blockchain. This ability is known as blockchain interoperability. It is a faculty to split information in multiple blockchain networks, without restrictions.
Furthermore, it is the chance to freely share value across all blockchain networks sans intermediaries. In an interoperable ecosystem, you can interact with users from other blockchain networks without the hassle of translation and transfer.
Through this, you can receive information from other members, process what they sent, and answer accordingly. There’s so much data on the blockchain. Take, for example, an ordinary blockchain can handle an estimated seven transactions per second (TPS), maximum effort, Other, surprisingly can gather as high as 40,000 TPS.
If it had not been for interoperability, it wouldn’t be able to grow into what it is today. Interoperability plays an important role in storing data. Imagine we are all using BC.
If one patient is rushed to a hospital and data of medical history needs to be retrieved, but it cannot be chained because the block is not interoperable, it would take time to save that life.
Time is of the essence, and you have not made the necessary diagnosis in the fastest time. With interoperability, there are streamline information sharing across various platforms, uncomplicated implementation, and execution of smart contracts, or even produce partnerships within the blockchain ecosystem.
Due to the essence of this feature, there were several initiatives to form cross-chain platforms or connecting blockchains. To name a few, we have cosmos, Polkadot, Aion, and Ark. As a new corporation facing data mining and organization, interoperability brings about many benefits.
Knowing these basics is important in starting with blockchain tech. Without this, imagine how the organization can further develop solutions and dialogues to make the future a convenient and better one.
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