Blockchain Alliance Formed to Solve Interoperability Issuesbr>
Blockchain firms Aion, Wanchain, and Icon have joined forces to form the Blockchain Interoperability Alliance, a new advocacy group centered around interoperability between disparate blockchain platforms.
Blockchain interoperability has been a major issue in the industry. As time passed, the number of disparate blockchain networks increased and these various networks innovated in different directions, creating their own protocols. These protocols make it impossible for the chains to send and receive data. The group said this has been the key obstacle for blockchain’s mainstream adoption in both public and private networks.
The Blockchain Interoperability Alliance will focus on developing a common set of standards for blockchain interoperability to ensure their shared vision of a global ecosystem of connected blockchains is achieved. The group’s first priority is to share and collaborate on research and design for cross-chain transactions and communication.
The Aion protocol enables the development of a federated blockchain network, making it possible to seamlessly integrate dissimilar blockchain systems in a multi-tier hub-and-spoke model, similar to the Internet. Aion founder Matthew Spoke said that collaborating across projects will help set best practices for blockchain interoperability and encourage broader market adoption across enterprises and the public.
Icon is an interconnecting blockchain network that connects independent blockchains without additional intermediaries. Various blockchains can communicate with each other on the Icon platform. Icon Foundation Council JH Kim said the goal of this alliance is to create a globally accepted standard for connecting blockchains and to bring innovations together.
Wanchain is an infrastructure connecting different digital assets. With this infrastructure, financial services based on different digital assets can be carried out in a distributed way, finally forming a financial market composed of different business providers, application developers and clients. Wanchain president Dustin Byington said the Blockchain Interoperability Alliance will play a crucial role in increasing the connectivity of digital assets.