Barclays and Clearmatics Invite Coders to Increase Connection Between Enterprise Blockchains
Two firms, the recognized bank Barclays and the U.K.-based startup Clearmatics are calling coders to connect Ethereum with enterprise-blockchains, including Hyperledger Fabric. Although blockchain technology has expanded all over the world, there are still some operability issues that must be solved and enhanced in the future.
Due to this reason, Clearmatics is currently hosting an interoperability challenge that will be using a template involving its interoperability protocol called Ion. This is a hackathon that will be taking place in London at the Barclays Rise fintech hub between February 5 and 6.
In order to determine the winner, judges from Barclays, UBS, HSBC, and Santander will be analyzing the solutions provided by the participating teams. The winner will be selected according to the solutions provided. Furthermore, EY will also be taking part in the event and it will be releasing a report regarding the findings.
During an interview given to CoinDesk, Dr. Lee Braine, part of Barclay’s chief technology office commented that it is important to understand the challenges and solutions for interoperability in the blockchain space.
“We would like to gain a greater understanding of the challenges and potential solutions for interoperability between different distributed ledgers,” Dr. Lee Braine said. “Such interoperability can be complex and this hackathon will permit the industry to experiment with the Ion protocol and also provide feedback to the open source project.”
At the moment, there are four prominent enterprise blockchain platforms in the market including R3’s Corda, the Digital Asset Platform, Quorum, and Hyperledger.
These blockchain networks have been very successful in the niches where they operate. However, they will require more interoperability to improve efficiency and increase trade. Currently, a currency that is running on the Ethereum network cannot be swapped for a stock or bond that is currently being tracked on another network without having to verify the transaction on the other platform.
The product strategist at Clearmatics, Sara Feenan, explained that the firm is a member of the Enterprise Ethereum Alliance (EEA) and it could be possible for the EEA and Huperledger to become associate members in the near future.
Back in May 2018, the Ion platform helped a blockchain-based derivative to be originated on Clearmatics but settled on the Axoni blockchain. Chris Chung, an engineer at Clearmatics said that the intention is to increase interoperability with other platforms and protocols.
With more advanced interoperability, it will be possible for these networks to perform atomic swaps to transact specific assets. There are some blockchain networks that are currently experimenting with this technology and advancements. The intention is to be able to exchange simple financial products that would be increasing in complexity in the future.
Clearly, blockchain networks need to start being more connections between each other. This would generate improve the efficiency of some of the participants and it will also provide new solutions to these companies.