Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
Consulting giant Accenture developed a two-way solution to transform enormous potential of existing distributed ledger platforms into a synchronized business process.
The more businesses have got involved into the blockchain ecosystem, the more platforms for DLT enterprise solutions are emerging at the market.
The innovative technology of a decentralized blockchain platform was being widely adopted by businesses, such as financial institutions, to keep a shared ledger of transactions and thus keeping each party’s books in line without the need for constant checking from both sides.
Here we’re talking about two or more businesses to build on a single distributed legred platform like such of Hyperledger Fabric, R3’s Corda, Quorum, developed by global bank JPMorgan Chase or Digital Asset (DA).
However, with an increased number of platforms to be utilized for blockchain solutions, the possibility of two entities to share a common digital ledger remains very low.
Yet enterprise blockchain customers might not need to worry any longer about having picked the wrong platform, thanks to a new interoperability solution being unveiled by Accenture.
Accenture Enables Interoperability Between Blockchain Platforms
The world’s leading professional services company, Accenture has devised a two-way solution that empowers major blockchain platforms to work together without changes to the DLT platforms or ongoing messaging between the different platforms.
According the Accenture’s report, the first working prototypes enabling business process synchronization between the blockchain platforms from Digital Asset (DA Platform) and R3 (R3 Corda) as well as Hyperledger Fabric and Quorum have been completed.
Also Accenture has reassured that these prototypes easily bypass a cornerstone on the path of massive DLTs integration, as they allow to share data and information across distributed ledgers, proving that the growing number of distributed ledger platforms in the market could be connected.
David Treat, managing director and Global Blockchain Lead, Accenture, said:
“We built the first prototype of an interoperability node to sit in between Fabric and Quorum and got it to work. We have now built one that integrates Corda and DA. But these are two example builds of the same solution pattern, therefore it would work on any combinations of the four.”
With the help of an interoperability node, two or more DLT platforms communicate whereas it also includes embedded business logic that contains the business standards, policies and guidelines by which the different blockchain platforms have agreed to work together.
The solution at first introduced by Accenture bridging different blockchain platforms by either allowing for the transfer of a tokenized asset on two blockchain platforms or allowing mapping of data to the different blocks that exist in two different blockchain platforms at the same time, with the reference data kept in constant sync.
It further explained that with the solution, there is no need for ongoing messaging between the different platforms, since it becomes possible to transfer and maintain an “active state” between the nodes of the separate blockchain platforms, keeping them synchronized.
The representatives of major blockchain platforms that were united by the Accenture interoperability solution share their excitement with multi-million crypto-community. Thus, Richard Gendal Brown, chief technology officer at R3 said:
“We have said right from the beginning that interoperability is key to avoiding the trapped assets and silos of the past. We made specific design choices when building Corda to ensure that applications built on our platform can interoperate without friction. The successful testing of these technology solutions is a significant step forward for blockchain development and validates our approach.”
Accenture said that it will continue to test its technology solutions to establish integration effectiveness between other leading DLT platforms and further foster blockchain adoption.
It has already filed two patent applications for key elements of the underlying technology used in the integration technology solution and expects to file additional patent applications in the near future.