Cross-chain interoperability among blockchain-based systems using transactions
Journal article
Pillai, Babu, Biswas, Kamanashis and Muthukkumarasamy, Vallipuram. (2020). Cross-chain interoperability among blockchain-based systems using transactions. Knowledge Engineering Review. 35(e23), pp. 1 - 17. https://doi.org/10.1017/S0269888920000314
Authors | Pillai, Babu, Biswas, Kamanashis and Muthukkumarasamy, Vallipuram |
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Abstract | The blockchain is an emerging technology which has the potential to improve many information systems. In this regard, the applications and the platform they are built on must be able to connect and communicate with each other. However, the current blockchain platforms have several limitations, such as lack of interoperability among different systems. The existing platforms of blockchain applications operate only within their own networks. Even though the underlying technology is similar, it relies on centralized third-party mediators to exchange or retrieve information from other blockchain networks. The current third-party intermediaries establish trust and security by preserving a centralized ledger to track ‘account balances’ and vouch for a transaction’s authenticity. The inability for independent blockchains to communicate with one another is an inherent problem in the decentralized systems. Lack of appropriate inter-blockchain communication puts a strain on the mainstream adoption of blockchain. It is evident that blockchain technology has the potential to become a suitable solution for some systems if it can scale and is able to cross communicate with other systems. For the multisystem blockchain concept to become a reality, a mechanism is required that would connect and communicate with multiple entities’ blockchain systems in a distributed fashion (without any intermediary), while maintaining the property of trust and integrity built by individual blockchains. In this article, we propose a mechanism that provides cross-chain interoperability using transactions. The blockchain is an emerging technology which has the potential to improve many information systems. In this regard, the applications and the platform they are built on must be able to connect and communicate with each other. However, the current blockchain platforms have several limitations, such as lack of interoperability among different systems. The existing platforms of blockchain applications operate only within their own networks. Even though the underlying technology is similar, it relies on centralized third-party mediators to exchange or retrieve information from other blockchain networks. The current third-party intermediaries establish trust and security by preserving a centralized ledger to track ‘account balances’ and vouch for a transaction’s authenticity. The inability for independent blockchains to communicate with one another is an inherent problem in the decentralized systems. Lack of appropriate inter-blockchain communication puts a strain on the mainstream adoption of blockchain. It is evident that blockchain technology has the potential to become a suitable solution for some systems if it can scale and is able to cross communicate with other systems. For the multisystem blockchain concept to become a reality, a mechanism is required that would connect and communicate with multiple entities’ blockchain systems in a distributed fashion (without any intermediary), while maintaining the property of trust and integrity built by individual blockchains. In this article, we propose a mechanism that provides cross-chain interoperability using transactions. |
Year | 2020 |
Journal | Knowledge Engineering Review |
Journal citation | 35 (e23), pp. 1 - 17 |
Publisher | Cambridge University Press |
ISSN | 0269-8889 |
Digital Object Identifier (DOI) | https://doi.org/10.1017/S0269888920000314 |
Scopus EID | 2-s2.0-85086277708 |
Page range | 1 - 17 |
Research Group | Peter Faber Business School |
Publisher's version | File Access Level Controlled |
Place of publication | United Kingdom |
https://acuresearchbank.acu.edu.au/item/8v82v/cross-chain-interoperability-among-blockchain-based-systems-using-transactions
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