Blockchain interoperability

Blockchain interoperability is the capacity to transfer information across multiple blockchains. However, the lack of blockchain standards can cause challenges if different blockchains are incompatible. Interoperability is the capacity to freely transfer value between other blockchain networks without any third-party intervention. If blockchains are interoperable it means it is possible to communicate with users on other blockchains without losing data or needing to translate messages.

Blockchain solutions have been formed around existing smaller ecosystems

Source: deloitte.com

However, for some inexplicable reason, most participants in the blockchain ecosystem have chosen to disregard the significance of interoperability and instead concentrate on developing new features and variants of well-established protocols. There are thought to be over 1,000 different blockchains and many of which are not interoperable (compatible) with each other. Existing protocols and standards only sometimes …