Cross-Chain Interoperability - Validating Smart Contracts to Interoperate Over Diverse Blockchain Networks Using Interoperable Blockchain Framework Design (IBFD)

Abstract

Blockchain technology is meant to perform a potential act to intensify the performance of several information systems. In this view, the platforms and the applications adapted for blockchain must be competitive to communicate and connect. The current blockchain platforms have many limitations, such as interoperability issues in divergent systems. The present platforms of blockchain applications work only within their networks. Blockchain interoperability allows data and values to be sent across various networks. The fundamental technology may be homogeneous, still, it relies on third-party intermediaries using the centralized mechanism to retrieve or exchange data from various interacting blockchain networks. The existing intermediaries incorporate security and trust by maintaining a centralized ledger to monitor ‘account balances’ and verify a transaction’s authenticity. The incompetence of individual and independent blockchains to interact with each other is an ingrained issue in decentralized systems. Cross-Chain Interoperability Protocol (CCIP) and similar mechanisms support networks like Fabric, Ripple and Ethereum to interrelate and interoperate each other. It is identified that the shortfall in such significant inter-blockchain communication creates a hassle for the mainstream adoption of blockchain. The article discusses different techniques and methods that provide cross-chain interoperability, its significant features and its applications in blockchain technology. It proposes the Inter-operable Blockchain Framework Design (IBFD), a cross blockchain architecture for interoperability of blockchain networks.