Latest Interoperability News

  • Global Compatibility Is A Key Factor In The CBDC Race, Says Expert
    Global Compatibility Is A Key Factor In The CBDC Race, Says Expert
    CBDCs will have to be internationally interoperable to become globally adopted, says a Hong Kong University expert. International interoperability will become the cornerstone of the CBDC race as it goes forward, according to Douglas Arner, director at Asian Institute of International Financial Law at the University of Hong Kong.  Speaking at the Unitize blockchain conference earlier today, Arner argued that the interconnections between different global economic systems will become “one of the biggest challenges — and one of the biggest opportunities” as more countries are becoming involved in CBDC projects across the globe. In Arner’s view, the Chinese financial system already has some predispositions for the cross-border adoption of the upcoming digital yuan project, like the renminbi swap lines which China has established with dozens of countries worldwide over the past few years: “If we think of the Chinese [CBDC] proposal at the moment, it is largely limited to operating within the context of the physical and electronic borders.
  • Neo Founder Says Next-Gen Internet Will Break Up Tech Giants’ Data Silos
    Neo Founder Says Next-Gen Internet Will Break Up Tech Giants’ Data Silos
    The founder of blockchain platform Neo, Hongfei Da, discussed the importance of next-generation internet at Unitize. Most of today’s internet landscape is controlled by a countable few tech oligarchs such as Facebook, Tencent and Alibaba, according to Hongfei Da, the founder of blockchain platform Neo. During the Unitize blockchain conference, Hongfei said that these companies have divided the internet into several fragments by creating their own data silos. He raised concerns about how such companies intentionally use these data silos to impede competition while also abusing user privacy for both commercial and political purposes. According to Hongfei, laying a new foundation for internet infrastructure that is more user-centric and decentralized is the best way forward for curbing these issues. Five attributes of the next-gen internet Explaining the important characteristics of the new internet infrastructure, Hongfei said that it should be modular so that “everyone can build a part of it and then every part can be integrated together to create a bigger application.” In addition, he said it should be opt-in and promote interoperability.
  • Interoperable Blockchains May Be the Future of Finance but Have a Ways Yet to Go
    Interoperable Blockchains May Be the Future of Finance but Have a Ways Yet to Go
    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.
  • SIA and Quant Network Successfully Test Blockchain Interoperability
    SIA and Quant Network Successfully Test Blockchain Interoperability
    European payments platform SIA partners with Quant Network to establish blockchain interoperability solutions for financial institutions. SIA, a European payment services business, and UK-based technology company Quant Network successfully tested cross-blockchain interoperability between different protocols, SIA said. SIA and Quant Network first announced their partnership on June 5.
  • How ChainLink and Cosmos Fit Into China’s Grand Blockchain Initiative
    How ChainLink and Cosmos Fit Into China’s Grand Blockchain Initiative
    ChainLink will help the state-backed Blockchain-Based Service Network (BSN) with oracles, and Cosmos-powered Irisnet will assist with interoperability.