Following testing, the prototype has shown evidence for the possibility of a platform from the likes of Bitcoin, R3 Corda, Hyperledger Fabric and Quorum integrating with another type of platform, a capability that has proved non-existent up until recently.
The firm has since filed two patent applications for key elements of the underlying technology, with further patent applications expected in the near future.
The lack of cross-platform interoperability available within blockchain may have been an aspect that has put doubters off investing, but with Accenture’s recent development, this could become a thing of the past.
“The importance of interoperability across video conferencing systems”
Accenture’s solution consists of an interoperability node that resides between two communicating blockchain platforms and comprises of embedded business logic by which both parties have agreed to abide by. This includes business standards, policies and guidelines.
“This is a game-changer that can help accelerate adoption of blockchain technology,” said David Treat, managing director and Global Blockchain Lead at Accenture. “The key challenge was to develop the ability to integrate without introducing ‘operational messaging’ between distributed ledger technology platforms in order to stay true to the principles and benefits of blockchain technology.
“Applying this capability with our clients is already unlocking new opportunities to bring ecosystems together, mitigating key concerns about picking the ‘wrong’ platform or having to re-build if one partner uses something different.”
A prediction by industry analysts Gartner stated that the amount of blockchain platforms could continue to expand to more than 70 before competition and consolidation begins to stifle any further increase in variety and narrow the amount down to a few dominant providers.
“When does integrating blockchain technology make business sense?”
This article from Tobias Mathiasen (Vice President, ICO Advisory, Standard Kepler) will briefly introduce the core value proposition of blockchain, and explore when integrating this new ledger technology makes business sense in existing processes. Read more.
“We’re seeing these ecosystems align to “fit-for-purpose” platforms, but for blockchain to achieve its full potential, these different platforms must interact seamlessly with each other, and our technology solutions show that this is possible — while still delivering the security and transparency benefits that blockchain offers,” said Accenture managing director Emmanuel Viale.
Additionally, CTO of R3 Richard Gendal Brown stated that interoperability is an important factor in “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.”