The blockchain space is growing fast, both technologically and considering the number of people using blockchain platforms. However, each platform serves its own unique purpose. There are already efforts to enable cross-chain operations for convenience. In this light, Dragonchain acquired a patent for blockchain interoperability solutions in the US.
Dragonchain acknowledges that there are various blockchain platforms at the moment, each striving for a unique service. For instance, VeChain is working towards leveraging blockchain technology to create trust in the supply chain.
Blockchain Interoperability Solution to Harmonise the Blockchain Space
On the other hand, IOTA is creating blockchain solutions that facilitate payments on the Internet of Things. Not to be left behind, Stellar is working on a global payments system network that will rival SWIFT.
Unfortunately, each blockchain platform serves that unique purpose. As a result, as many more users get on the platforms, they begin to experience problems with scalability. In effect, the speed of transactions gets slower with more users.
This is the problem that Dragonchain wants to solve with their new solution. According to a news release, the blockchain firm announced the new patent for a solution called Interchain™.
As per the release, Interchain™ provides a means through which blockchain platforms “can connect and interact in a secure way”.
With the new solution, users will be able to operate across blockchains with flexibility and convenience. Further, the interoperability is very secure and with very high utility.
Dragonchain to Harness Combined Network Effects
Commenting on the new developments, Joe Roets, founder and CEO of Dragonchain insists Interchain™ is evidence of their innovation leadership. He further details that it represents the evolution of solutions coming out of the blockchain space.
Furthermore, Roets outlines that businesses will be able to utilize “the combined network effects of various blockchain solutions.”
“Imagine transactions rooted with the combined security of Bitcoin and Ethereum and access to the innovation of those communities,” he adds.
Particularly, Interchain aims to forge a “multi-chain, multi-network, and multi-token future for blockchain-based computing.” Specifically, the solution will accomplish the task by bridging public and permissioned blockchain platforms. In essence, it will be facilitating the ability to operate between two environments with unprecedented convenience.
However, as Dragonchain acquires the patent for blockchain interoperability solution, there are other projects working on similar solutions. For instance, Blocknet wants to develop a fully decentralized exchange. In particular, it seeks to decentralize all the four components to an exchange. The components are deposits, order broadcasting, order matching, and the actual exchange of cryptocoins.
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