As interoperable blockchain solutions gain traction, many believe that the technology is still relatively nascent and needs more polishing.
Cross-chain interoperability is a domain that has piqued the interest of many financial institutions over the years, as it stands to produce a technology that can potentially mitigate a whole host of their recurring operational issues — such as data leakages, loss of customer funds during international transactions and poor accountability — in a totally automated fashion.
In this regard, European payments provider SIA recently revealed that it has partnered with United Kingdom-based tech firm Quant Network after having successfully concluded a series of cross-blockchain interoperability tests designed to facilitate data transfers between different protocols.
Through the deployment of such frameworks, it can gradually become possible for developers to come up with different cross-platform applications and services that can be used by banks as well as other financial institutions, thus allowing them to easily tackle a number of blockchain-integration-related issues facing them today.
Is mainstream use ready?
Even though it is important to establish collaboration between various businesses to foster interoperability between their protocols, it is worth remembering that most solutions currently available on the market today still exhibit a certain level of centralization.