What’s the next phase in blockchain evolution?

Katie McDonaldSeptember 26, 2018
pexels-photo-1246743

With an abundance of platforms floating around the blockchain ecosystem questions have emerged over whether there are too many, and if one will rise up to rule them all.

According to Wanchain director of global business development Scott Trowbridge, the world of blockchain is far from uniting under one King.

“There’s never really going to be that one blockchain that rules them all,” Mr Trowbridge told Coincast TV.

“Right now, this industry is very focused towards market growth versus market share.

“We see the blockchain industry right now as in the age of the intranet as opposed to the internet.”

Mr Trowbridge said finding a way to connect these blockchain platforms, which currently operate in silos, was a pressing problem.

Curtin University senior research fellow Dr Vidy Potdar said interoperability was one solution, essential to the future adoption of blockchain.

“Initially it was not a problem because we only had bitcoin and ethereum so people thought these two blockchains would be sufficient and that they could solve all the world’s problems,” Dr Potdar told Coincast TV.

“Now the problem we face is how can these different blockchains exchange data from one blockchain to the other.

“That in simple words means interoperability.”

Interoperability is like Facebook for blockchain; once each platform ‘makes friends’ they can communicate with each other freely, as well as exchange data and value.

“We want different types of blockchains to talk together, to share data and different types of concepts such as tokens,” Dr Potdar said.

“From a business perspective, getting these two or three multiple types of blockchains to work is important – you can consider it as multiple services, we want to combine multiple services to better deliver to customers”.  

In the future, Dr Potdar said interoperability could remove centralised exchanges for token transfer; interoperability could enable bitcoin and ethereum to talk to each other, without the need for a third party to run an exchange.

“Interoperability has just come into the picture and there are only a number of projects involved,” Dr Potdar said.

Wanchain is one of those projects tackling interoperability.

The platform is calling itself the ‘world’s first and only interoperable blockchain with secure multi-party computing’.

“Wanchain uses a technological secure multi-bipartisan compute and with a combination of threshold key sharing,” Mr Trowbridge said.

“What that essentially enables is for us to ‘permission-isly’ connect to any public, private or consortium blockchain, which uses both public and private key shares.

“So you’ve now got a framework which enables you to, without having to hardfork an existing protocol or change any of its underlying code.”

Wanchain has already integrated ethereum onto its platform and plans to do the same with bitcoin by the end of this year.

“I think you’re going to see a lot of applications that will need to leverage all these different blockchains and really grab the strengths of each of them,” Mr Trowbridge said.

“Essentially, enable information and value to exchange between them”

See more of the story on Coincast TV.

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