The Eloquence Of Blockchain Functionality In An Interoperable World

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24 Sept 2024

From Rail To Air
Innovation is an ongoing process. There is no point of arrival. Technologies continue to evolve even though much of society is quite comfortable with how things are. Innovators, thinkers, and developers continue to push the limits of what is possible. The past decade has seen Crypto and blockchain technology infiltrate and enhance many facets of human life.
Projects like ChainLink come to mind. Blockchain oracles translate data between the existing world and the blockchain world. This is an indispensable aspect of blockchain adoption. As I have alluded to many times, a blockchain-based world is inevitable. The initial integration is slow and sporadic but that is how every new technology enters its own. Consider how exclusive the internet was in its formative years.
We live in a society that will choose a smartphone instead of other everyday essentials. Technology has become an “essential” in this modern age. When you consider that all modern technologies will eventually converge at a point of blockchain-based expression and manifestation the possibilities of this technology come to life. In many ways, business and communication networks operate in isolation.
WEB3 & Interoperability
One of the most attractive aspects of WEB3 is interoperability and the seamless interaction and communication between blockchains. WEB3 holds the potential to begin joining networks together. In other words, many smaller entities are joined to one another, essentially creating a single entity, yet with many “individual” elements. Essentially, technologies speak different languages. However, this is a problematic scenario.
Much is lost and frustrated in the “translation” of data between different technologies. The interoperability of WEB3 enables different technologies and networks to speak the same language. This is an important development in the future of blockchain. However, the idea is still relatively untapped despite the concept of interoperability being in existence for some time.
A blockchain-based infrastructure can enhance commercial, economic, and social interactions. With heightened eloquence and accuracy, efficiency and economic activity are promoted to a higher level. Whether or not that level is well utilized is another story. You can lead a horse to water… you know the story. Current interactions are extremely fractured, and as a result, inconclusive.
Transactions, orders, and instructions often need to be reconfirmed due to a break in communication and human error. An immutable authorization and recording process are far superior. Blockchain-based infrastructure can simplify and speed up everyday transactional throughput. One of the main reasons I like Polkadot is its mission of interoperability and inclusion.
Final Thoughts
We are beginning to experience heightened degrees of interoperability between blockchains. However, this needs to expand far beyond the current levels with blockchain adoption and institutional backing. It’s a two-edged sword. Much is sacrificed in the creation of a new system. However, it is what it is. You can’t stop progress. Thanks for reading, see you next time!
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.