WEF report: early blockchain implementation at the corporate level

According to the latest report from the World Economic Forum (WEF), most blockchains cannotinteract with each other, so it’s too early to introduce technology at the corporate level.

April 9 WEF published a report on interactionvarious blockchains as part of a study on the use of distributed ledger technology (DLT) in supply chains. The study was conducted in conjunction with a major audit firm Deloitte.

The problem of open blockchain interactionIt has been studied for many years: cross-chains, side-chains, etc. appear. However, the study revealed that most of the solutions to ensure blockchain compatibility are focused on only two open networks - Bitcoin and Ethereum.

Regarding managed interactionsblockchains, it is much more difficult to implement this initiative, but at the same time it carries more prospects. WEF believes that this issue has been little studied by developers, and the blockchain has not yet “matured” for implementation at the corporate level.

The report mentions several projects,working in the blockchain industry and dealing with compatibility issues, for example, Cosmos and Polkadot. However, their systems are used only for managed blockchains. None of these projects have yet been able to create a solution that allows you to interact with other platforms that do not operate on the basis of Bitcoin and Ethereum.

The organization noted that significant success in this area was achieved by Microsoft Corporation, which “stood on a par” with the large technology companies IBM, SAP and ORACLE.

In 2018, Microsoft integrated itsAzure technology into the Nasdaq exchange financial structure, which allowed the use of different blockchains through one common interface. WEF added that the Hedera Hashgraph service also has a chance to ensure effective interaction between blockchains.

WEF and Deloitte concluded that despitea huge variety of projects creating services for the compatibility of various blockchains, developers still have a lot of work to do. Mass introduction of technology will happen only when such solutions are carefully studied and worked out.

Recall that last November, the co-founderEthereum and CEO of Consensys, Joseph Lubin, expressed the hope that the cryptocurrency of the Central Bank of China will be compatible with open blockchains, including Ethereum.

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