Global management consulting and professional services firm Accenture has filed two patents for software that allows communication between two Blockchain networks. The lack of interoperability between Blockchains no doubt contribute to their consideration as a feasible means for storing and accessing information.
The companies prototype demonstrates that it may indeed be possible to enable the abridgment of platforms like Bitcoin, R3 Corda, Hyperledger Fabric and Quorum. Which is good for everyone directly or indirectly involved in the industry. For example, with this kind of cross Blockchain communication will likely also come a reduction in exchange rates, and buffering times associated with trading crypto-currency.
Furthermore. companies along a supply chain may find it easier to share information and track the development of a product. A good example would be faster communication between a Blockchain network belonging to a steel corporation and one belonging to the automotive industry.
On another point entirely, this sort of fusion between transparency and communication certainly bodes well for reducing white collar crime as well.
In order to facilitate exchange Accenture deploys an “interopability node” composed of business logic between two communicating Blockchains. Similar to a smart contract, the programmable node stores all of the important information required for two financial entities to maintain a healthy business relationship including standards, policies and guidelines.
“This is a game-changer that can help accelerate adoption of blockchain technology,” said David Treat, managing director and Global Blockchain Lead at Accenture. “The key challenge was to develop the ability to integrate without introducing ‘operational messaging’ between distributed ledger technology platforms in order to stay true to the principles and benefits of blockchain technology.
“Applying this capability with our clients is already unlocking new opportunities to bring ecosystems together, mitigating key concerns about picking the ‘wrong’ platform or having to re-build if one partner uses something different.”
By creating a way for different Blockchains to communicate Accenture will no doubt catalyze the growth and eventual consolidation of this burgeoning market. Before Accentures announcement Blockchain was expected to expand at a Compound Annual Growth Rate 56% between 2018 and 2021. Once the technology goes mainstream there’s no telling how much that will increase over time.
“We’re seeing these ecosystems align to “fit-for-purpose” platforms, but for blockchain to achieve its full potential, these different platforms must interact seamlessly with each other, and our technology solutions show that this is possible — while still delivering the security and transparency benefits that blockchain offers,” said Accenture managing director Emmanuel Viale.
CTO of R3 Richard Gendal Brown was quoting saying that technology like this is vital to “avoiding the trapped assets and silos of the past”.
“We made specific design choices when building Corda to ensure that applications built on our platform can interoperate without friction.
“The successful testing of these technology solutions is a significant step forward for blockchain development and validates our approach.”