Inter-Blockchain Communication: The Key to Blockchain Mass Adoption

Blockchain’s stature is growing exponentially. Business spending on blockchain is predicted to be $11.7 billion by Q4 of 2022 and one of the prime factors for this is the increased importance of data integrity, security, decentralization, and reliability in operations. As more businesses and people start to grow aware of blockchain’s transformative potential, it is undoubtedly said to reach new milestones. Web 3.0 firms have been spearheading innovations in the crypto space and are germinating Blockchain into the very heart of organizations’ business processes and are adding significant value in enterprise solutions. Several DLT ecosystems and applications have emerged to meet the niche needs of industries and offer solutions to a range of use cases. Despite this, blockchain is yet to witness mass adoption. Part of this slow adoption can be attributed to the technology’s inherent traits: that it occurs very gradually until 8-10% before exploding in usage. However, a major cause of this holdup can be attributed to the fact that blockchains and dApps lack the ability to connect, transfer data and interact with other chains. This is known as ‘interoperability’. Interoperability: The Tipping Point To Mass Adoption Blockchains, as they stand today, are self-contained ecosystems. Each chain is independent, has its own set of codes, and is not readily readable by another blockchain. Practically, this means that the features and benef...