Why is interoperability vital for businesses who want to leverage blockchain technology?
There is without doubt that interoperability is present across all industries when it comes to business.
For instance, hospitals will use a patient portal to share patient information across all hospitals in that country. Or, when sending money abroad, different parties must align to get your funds to the end user.
In blockchain, interoperability plays a vital part due to the amounts of data & assets found within the blockchain ecosystem.
However interoperability in blockchain is not as simple as the facilitation of transfers between different tokens & assets. There are many ways that interoperability can be utilized, especially in business.
Current drawbacks of dApps & blockchain for businesses:
In its current state, the largest issues a businesses face when utilizing dApps & the blockchain is confidentiality & compliance.
Business data is confidential, & privacy is non-negotiable for enterprises. They will never put their data into public networks. In contrast, due to the nature of decentralization in blockchain, transactions are visible to everyone using a blockchain explorer.
Business applications also collect huge amounts of user data, meaning that the blockchain must comply with data protections laws & must provide correct infrastructure to ensure that consumer data privacy & ownership is protected.
With the large push towards Web3 & decentralization around the world, confidentiality & compliance make it difficult for a businesses to harness decentralization & its benefits.
Inter-ParallelChain Communication (IPC):
IPC is a revolutionary infrastructure feature native to ParallelChain. It enables the permissioned & permissionless networks on ParallelChain to interoperate securely at protocol level.
This technology means that an application built to run on ParallelChain Private can interact with one that’s based on the Mainnet (Public), facilitating transactions between them while keeping precious business & consumer data protected.
With IPC, businesses have the opportunity to integrate decentralized applications with centralized business systems of record. In other words, it enables decentralization, while protecting business data & following data protection laws.
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