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Blockchains need to move toward standards for interoperable asset transfers

CryptocurrencyDec 05, 2021 01:20PM ET
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Cross-chain asset transfer has been around for several years. The concept developed almost as soon as multiple blockchains were developed and began to gain adoption. In its initial application, the transfers focused on swaps between the chain’s native assets and tokens, which led later to several decentralized exchanges. While exchange of assets has its utility, pure transfer and movement of assets and other data easily across blockchains without changing their identities is just as important, and is becoming more frequent.

Currently, 400,000 Bitcoin (BTC), and increasing, exist and are used in transactions outside of the Bitcoin blockchain. A good amount of Ether (ETH) has also been ported to other networks. Some of these are referred to as wrapped tokens to differentiate them from the same asset when they exist on their native network. Transfer of the native assets from the more established older blockchains to the newer ones is accomplished through what is known as bridges.

Ken Alabi has a doctorate in engineering from Stony Brook University, a master’s in computer-aided engineering from University of Strathclyde, and is an IT professional, programmer and published researcher with several peer-reviewed publications in various fields of technology. The author has also published articles related to blockchains, decentralization of business processes similar to blockchain technology, and the interoperability of blockchains.

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Blockchains need to move toward standards for interoperable asset transfers
 

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