There’s no denying that blockchain technology has continued to garner an increasing amount of interest from a number of different industries. This is best highlighted by the fact that this market — which was valued at around $4.9 billion in 2021— is all set to scale up to a cumulative TVL (Total Value Locked) of approximately $68B by 2026, expanding at a compound annual growth rate (CAGR) of 68.4%.
That being said, most popular blockchain networks in existence today are confined to their specific silos, i.e., they are isolated and, therefore, unable to communicate with other similar platforms. This fragmentation has hindered the sector’s growth to a large degree, and therefore in recent years, the idea of cross-chain interoperability has gained a lot of ground globally.
Simply put, cross-chain technologies enable two or more blockchains to communicate with one another seamlessly. And while this interaction used to come at a major trade-off cost in the past — where the efficiency, decentralization, and security of the involved blockchains would be compromised — we now have many offerings capable of mitigating these issues completely.
The future will be driven by cross-platform technologies. Here’s why
Interoperability is widely considered to be the final frontier when it comes to unleashing the true power of blockchain tech. It can not only allow for novel use cases to flourish but also affords users benefits such as greater scalability, faster block times, and extremely high security and privacy.
In this regard, ParallelChain Lab is a high-performance blockchain capable of facilitating cross-network transactions at breakneck speeds. The project addresses the scalability and interoperability shortcomings of most other offerings operating within this realm thanks to its proprietary Inter-ParallelChain Communication (IPC) protocol which helps devise seamless bridges between its public blockchain mainnet and private, permissioned blockchains.
To elaborate, IPC’s design framework ensures that all of ParallelChain’s networks are linked to one another using a secure/private channel. This allows apps running on the platform’s public mainnet to be easily accessible by other private blockchains within the ecosystem. Furthermore, the system offers high scalability, tamper-proof records, zero data leakage, and online transaction processing.
On a more technical note, ParallelChain’s public mainnet, scheduled to launch later this year, is set to deliver a transaction throughput rate of 80,000 transactions per second (TPS) while levying little to no gas fees. Similarly, its private network can deliver up to 120,000 transactions per second (TPS) alongside a transaction confirmation time of just three milliseconds. Lastly, ParallelChain offers extremely low latency rates (of under 100ms), making it ideal for multiparty transactional networks as well as various commercial and transactional applications, ranging from finance to medical insurance to healthcare.
Interoperability is the need of the hour
It is no secret that for blockchain-enabled technologies to continue gaining mass adoption across several industries, interoperability is an absolute must. However, in the same breath, it is important to recognize that this concept is not just relegated to the domain of swapping digital currencies (like many people believe today). In fact, as the global tech landscape continues to mature, interoperability solutions will become increasingly more important since they can help facilitate the sharing of info ranging from healthcare records, supply chain data, education certificates, amongst other things.
To this point, ParallelChain’s two-pronged blockchain design allows for frictionless connectivity between Web3 systems and various real-world platforms, allowing for applications operating within the two realms to function seamlessly on its public as well as private layers. Lastly, ParallelChain is flexible in its design, such that it can be molded into a public, private, hybrid, or consortium blockchain per the requirements of any enterprise, organization, or individual. If that wasn’t enough, the platform’s private network conforms to the guidelines put forth by the GDPR and other regulators — allowing for faster, easier widespread adoption.
As more and more high-quality cross-chain platforms continue to emerge within the market every day, people are beginning to realize the importance of this technological paradigm, especially since it allows users to take full advantage of the fledgling crypto economy, which is primed to grow to a total valuation of $3.2T by the end of 2027. Thus it will be interesting to see how things continue to pan out for the digital asset industry at large from here on in.