It’s been just revealed that there is an element that is the most important for mass blockchain adoption. Check out the latest reports below.
The importance of interoperability
It’s been revealed that interoperability is the most important factor for the mass adoption of blockchain tech.
It enables blockchain networks and protocols to communicate with each other, and it’s making it easier for everyday users to engage with blockchain technology.
Cointelegraph notes that every year, we see new blockchain networks being developed to tackle specific niches within certain industries.
More than that, each blockchain having specialized functions based on its purpose. For example, layer-2 scaling solutions like Polygon are built to have ultra-low transaction fees and fast settlement times.
“The increase in the number of new blockchain networks is also a result of the recognition that there is no one perfect solution that will be able to meet all of the needs associated with blockchain technology all at once,” according to the online publication Cointelegraph.
Therefore, as more organizations become aware of this rising technology and its capabilities, the interconnection of these unique blockchains is becoming necessary.
As noted by the online publication, the blockchain interoperability refers to a wide variety of methods that enable many blockchains to communicate, share digital assets and data and work together more effectively.
This makes it possible for one blockchain network to share its economic activity with another.
Marcel Harmann, founder and CEO of THORWallet DEX — a noncustodial decentralized finance (DeFi) wallet — told Cointelegraph: “Interoperability can be understood as freedom in data exchange.”
The same online publication notes the fact that in order to realize the full potential of decentralization, it is beneficial for people participating in several blockchains to be linked through a single protocol.
“This reduces friction for the user since they can access different decentralized applications (DApps) without having to change networks.”