1. Abstract
Kivachain Abstract
Blockchain is an emerging technology that has the potential to improve many information systems. In this regard, the applications and the platform built on must be able to connect and communicate with each other. However, the existing blockchain platforms have several limitations, such as a 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 of independent blockchains to communicate with one another is an inherent problem in decentralized systems. Lack of appropriate inter-blockchain communication puts a strain on the mainstream adoption of blockchain. It is evident that blockchain technology can become a suitable solution for some systems if it can scale and communicate with other systems. For the multisystem blockchain concept to become a reality, a mechanism is required to 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 white paper, we propose a mechanism that provides cross-chain interoperability using transactions.
Last updated
