Why Blockchain Interoperability Matters?

To make mass adoption as possible and let the industry evolve further.

It has been over 10 years since the first original blockchain was released. By now, we have witnessed the remarkable development of the technology, reaching mainstream users and being recognized by a number of enterprises and government agents. As a result, dozens of projects are emerging each year; however, those projects always compete with each other in terms of developing the “best” blockchain. Consequently, the blockchain space is becoming increasingly siloed, and its core philosophical concept, the idea of decentralization, is being undermined.

The scalability race is a particularly good example. The original blockchain can cope with just seven transactions per second (TPS) while a number of blockchain projects have started to report numbers as high as 40,000 TPS. By contrast, the Visa network has an estimated capacity of 24,000 TPS. Even blockchain technology has the ability to handle more transactions than Visa, it can not beat Visa in terms of engagement. Why? Because cards issued by global schemes are interoperable across merchants and ATMs around the world. Meanwhile, blockchain technology stays isolated.

Therefore, in order to gain mainstream appeal, blockchain have to show that they can work with each other seamlessly. That is also one of the pillars of HBS, implementing cross-chain bridges that allow DeFi services across blockchain platforms to connect and interoperate.

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