This is a two-blog series highlighting how Inter-Blockchain Communication (IBC) Protocol is relevant for Enterprise use-cases.
The first blog introduces IBC and goes into detail of how IBC will be used at the Persistence Hub (Enterprise Hub of Cosmos) level. The second blog will present the 1st IBC transaction done by the Persistence team in late 2018.
Contents:Introduction Why is IBC important in the context of enterprises? How will IBC be used at Persistence Hub level?- Interchain Transaction Proofs- Interchain NFT exchange- Interchain Governance Introduction
To date, each of the Blockchain protocols have existed in their own close-ended silos, without the ability to exchange information trustlessly. The lack of solutions for interoperability between the different Blockchain networks has significantly restricted publicly available decentralized and distributed applications, in terms of their compatibility with the other native Blockchains thereby reducing the potential user-base.
As for enterprises, the lack of structurally sound Blockchain interoperability solutions has, till- date, limited them from availing the benefits of increased scalability on offer through the use of application-specific side-chains (can be zones). In addition, enterprises have been restricted from the ability to exchange high value data between distinct native chains that have their own governance and unique owners.
Persistence aims to bring interoperability to enterprise Blockchain networks by leveraging the IBC module which will not only be implemented at the Persistence Hub level but also in private or consortium Blockchain applications built on the Persistence SDK.Why does IBC matter for Enterprises? Application interoperability “Enterprise Blockchain ecosystems of the future will involve communication between a network of industry-specific, specialized chains working cohesively in an environment secured in a trustless manner.” ...