Blockchains need an interoperable standard to evolve, say crypto execs
Blockchains without interoperability are like computers without an internet connection — incapable of transferring data and value, a Chainlink Labs executive says. Blockchain technology needs a benchmark communications standard that can be easily integrated by every network in order for a complete transition from Web2 to Web3 to occur, industry commentators say. Many expect there will be multiple blockchains and such an ecosystem requires communication protocols similar to the Transmission Control Protocol/Internet Protocol (TCP/IP) used on the internet. Ryan Lovell, director of capital markets at crypto price oracle solutions firm Chainlink Labs told Cointelegraph that blockchains without interoperability are like what computers are without the Internet — isolated machines which cannot transfer data and value across networks. “To realize a fully interoperable blockchain ecosystem at scale, there needs to be an open communication standard analogous to the TCP/IP, which currently se...