As with any form of technology, decentralized ledgers and tokens are also ever evolving and ever changing. The next step in an ever growing ecosystem would be to increase the scope of blockchain systems so that they have more use in our daily lives.
This is the premise of what founder of IOHK, Charles Hoskinson talked about in a recent interview with online medium, Cheddar on Thursday. The IOHK, (which is known for developing the crypto called Cardano), as per it’s official website, it “is a technology company committed to using peer to peer innovations to provide financial services to three billion people who don’t have them.”
In the interview, Hoskinson said that what the industry currently needs is a “WiFi or Bluetooth moment” when he talked about how unfortunately blockchain tech hadn’t quite captured the consumer market like these two mass technologies had. Which is where the idea of interoperability comes in.
What is Interoperability in blockchains?
Well, the concept is actually pretty simple and is best understood when combined with the idea of the internet as this seamless and global way to interact with others. An interoperable blockchain system would mean that users along different blockchains and other mediums will be able to communicate and share information with an ease that is not yet accessible.
Hoskinson added that the blockchain industry needed an internal revolution and the determination to have a reach as far as for example, the internet. He said that a collection of standards already exists within the consumer mindset due to existing technologies.
Talking about consumer mindset he said,
“Consumers kind of have gotten used to this idea that when they pull out their phone if they are in Korea, Japan, South Africa, or here in America that their phone will just connect to the WiFi network. But there’s no reason that should be true, that was only due to the hard work of an entire industry.”
He further added,
“What we are seeing is a collection of standards being created that will inevitably converge over the next three to five years to create a situation where you can move information and value between all these different systems not just Bitcoin to Litecoin to Ethereum to Cardano but also your regular bank account.”
However, he was quite optimistic about the process when he added that, “That’ll happen, we’re part of that conversation. Part of it is innovation and part of it is pragmatism, sometimes the best standard doesn’t win and so you, as a builder have to be willing to integrate that into your system whatever ends up happening.”