Blockchain Do Not Have Interoperability For Enterprise: WEF

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William D. Baltzell
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Joined: Thu Nov 07, 2019 8:19 am

Sat Apr 11, 2020 12:55 pm

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There are currently hundreds of complex blockchain networks running all over the world but, most of the time, they can't connect with each other in a way that can provide business with productive solutions. And the World Economic Forum (WEF) is of the opinion that the current degree of interoperability of blockchain is very small for implementation.

WEF Releases Whitepaper In Collaboration With Deloitte

On April 9, as part of their broader inquiry into blockchain implementation for supply chains, the WEF released a white paper on blockchain interoperability, which has been written in partnership with Deloitte. The paper mentions the need for interoperability and discusses that in thier present state, at what degree the blockchains would communicate with each other.

WEF has discovered that the blockchain interoperability issue is being discussed in the context of open blockchains. And as a result of this, the private or permissioned blockchains were left aside.

A report by WEF states that most of the interoperability solutions majorly focuses on two blockchains open for public i.e., Bitcoin (BTC) and Ethereum (ETH).

WEF further in its whitepaper mentions, “In public blockchains, interoperability has been in development for many years – for instance, cross-chain, sidechains, proxy tokens, etc.” But presently, the much bigger challenge and an opportunity regarding interoperability for enterprise is permissioned blockchain.

It also added that the existing degree of interoperability for the blockchain-to-blockchain solution is still not suitable for any enterprise.

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