Interoperability and Blockchain

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Interoperability and Blockchain

10 March 2021   |    Blockchain

Interoperability refers to the ability of two or more systems to work together. Interoperability of data with any sector does not equate to the decentralization of data. Robust interoperability would give users a much more valuable and user-friendly experience. With interoperability, users will experience the seamless integration of blockchain-based networks’ capabilities on various business solutions. 

Interoperability Conundrum: Unless we see that sharing level across stakeholders, it will be difficult for technology to solve problems. Take the example of self-driving cars (involving emerging technology), where every company follows a fragmented strategy (for a pie in the global $10 trillion markets). Tesla has a lot of data. Similarly, Google has a lot of data. Even reports suggest that Apple is discussing with Hyundai Kia and had forged a partnership with Chinese Uber competitor Didi Chuxing to build Apple cars. (Project Titan- by 2024, practically to integrate car in your phone). This suggests that all companies have islands of data, but none of them is contacting each other. As a result, the overall pace at which self-driving technology progresses (while rapid) is still much slower than if these systems were interoperable.

TRST01 Focus: The focus is always on the connectedness of the various systems in the industry, and not attempting to solve this by uniformity indicates that TRST01 is on the right platform to provide solutions for Industry 4.0 on challenges in Track and Trace, Document Authentication, Smart Contract and Supply Chain Management. It’s not about one size fits all; it’s all about the potential of interoperability that TRST01 wants to harness.

TRST01 Solution Benefits: The main benefits of TRST01’s offered solution are established on five basic principles: Trust, Authentication, Traceability, STOP Counterfeits, Smart Contract. The primary focus is always to provide solutions to various industrial problems through easy standardization and integrations of systems, platforms, protocols, digital skill sets and security. Interoperability should be the supply chain tech focus in 2021, and hence with Blockchain it brings the following benefits:

  • Smooth information sharing across participating stakeholders through blockchains
  • More effortless execution of smart contracts across blockchains
  • Sharing of blockchain solutions and cooperation on the ongoing development for enterprises
  • Possibility to develop few prominent blockchain standards
  • Opportunity to build partnerships within the blockchain ecosystem

Findings: Further driving the need for interoperability focuses on real-time data and visibility, which has become the expectation derived from consumer demand. Interoperability and seamless information flow have a high impact on efficiency and the costs within the supply chains. 

ASK: At present, the world is at a “GOLDEN AGE OF SUPPLY CHAIN TRACEABILITY.”

What is the matter: Now, more and more businesses are taking advantage of unified data solutions to unlock their full potential. The business aspect encompasses the Blockchain’s governance and trust between the two networks, data integration and collaborations. 

Critical Use Cases: Blockchain-enabled interventions present an opportunity for making data management and information exchange more seamless and integrated across the various stakeholders. 

Value Creation through the use of Blockchain:

  • Security and integrity of vital records and business information could be ensured.
  • Data created can be securely shared, subject to client consent with higher administration and govt agencies.
  • The democratizing effect that the Blockchain has on all the stored information's is vital (leading to building up of clients or users trust)
  • Finally, to track, trace and optimize effective supply chain management.

Conclusions

There are many blockchains and Distributed Ledger Technology (DLT) platforms operational in the world. These DLT platforms are made for specific use cases and can communicate with each other to deliver desired services. Therefore, interoperability implies that based on a transaction occurring in a single DLT platform, another transaction will happen in a different DLT platform. 

Collaboration is the need of the hour and a crucial component in the emerging tech response to the new normal.

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