In order for blockchain technology to scale a communication standard must be put in place to make cross-chain interoperability easier, industry execs argue.
that can be easily integrated by every network in order for a complete transition from Web2 to Web3 to occur, industry commentators say.and such an ecosystem requires communication protocols similar to the Transmission Control Protocol/Internet Protocol used on the internet.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 serves as the internet's defacto connection protocol.” Lovell believed a similar standard for blockchain networks would “pave the way for a seamless, internet-like experience” for the platform and their applications.. However, nearly all of them operate in isolation from one another. because it would ensure that liquidity isn’t “stifled” by only existing in a “siloed ecosystem.” — stated to Cointelegraph that before RWAs are brought on-chain, proper risk management systems need to be put in place to facilitate this interoperability.
In order to avoid an on-chain catastrophe, he stressed the risk of cutting corners simply isn’t worth it: “Think of the ‘08 mortgage crisis. Tremendous financial value was lost due to a broken legacy system. Imagine if this value was ported into the blockchain ecosystem, we would see tremendous value loss due to the contagion.”
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