Blockchain interoperability: Ability to perform transactions across platforms

One mark of the first wave of platforms for blockchain usage in corporate environments was this: They seemed to assume that they – and only they – might be the dominating solution for a given use case.

Cross platform transfer

This seems to change. At Consensus 2018 two companies demonstrated a way to perform cross platform/cross network transfer of value. Clearmatics and Axoni are working on a system based on a financial derivative. This, in combination with a smart contract enables to trigger a payment via a cross-chain transfer of value. In real world terms the approach can be compared to an exchange between two currencies (even if those have a different and changing value). 

According to CoinDesk this is the “This marked the first time a derivatives contract has been originated on one enterprise blockchain and settled on another. The milestone is important because interoperability is now emerging as a key design goal of distributed ledger technology (DLT).”

For projects looking into other uses of blockchain technology this first iteration marks a departure into a world of multiple platforms, which could eventually exchange both data and value. This then means that one system can be designed assuming that interoperability can be added later, making development a bit simpler. 

Axoni, Clearmatics Claim Milestone for Blockchain Interoperability

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