Accenture has been exploring blockchain technology and usability in different industries. They have extended their offering with a strategy assessment for blockchain applicability, blockchain bootcamps, and solution building and implementation. Accenture has built their alliances with R3, Enterprise Ethereum Alliance, Digital Asset and Hyperledger.
Their newest product takes a great new step not just for Accenture, but for the world of blockchain. Accenture has designed a solution for interoperability between blockchain platforms, which could significantly speed up wide adoption.
The two solutions introduced by Accenture integrates four blockchain platforms- Hyperledger Fabric, R3, Quorum, and Digital Asset. This allows to actively share certain data and information across blockchains, and proves that it is indeed possible to design interoperability between the growing number of blockchain platforms.
According to David Treat, managing director and Global Blockchain Lead, Accenture:
“This is a game-changer that can help accelerate adoption of blockchain technology. The key challenge was to develop the ability to integrate without introducing ‘operational messaging’ between distributed ledger technology platforms in order to stay true to the principles and benefits of blockchain technology. Applying this capability with our clients is already unlocking new opportunities to bring ecosystems together, mitigating key concerns about picking the ‘wrong’ platform or having to re-build if one partner uses something different.”
One of the challenges of building this solution was to maintain the possibility to audit, trace and verify elements throughout platforms with complete security and integrity. Accenture has introduced the integration protocol and interoperability node to solve this challenge. The integration protocol requires the leaders of two DLT systems to establish business rules and standards- how they agree to work together. These agreements are used to establish the interoperability node and technical developments needed. The interoperability node will allow the transfer of tokenized assets between platforms, and makes it possible to establish blocks that exist on both platforms at the same time, with reference data kept in sync.
Accenture has now made a huge step toward mass adoption of enterprise blockchain systems. This could allow a company, for example, to use a blockchain platform for supply chain management and simultaneously another for trade finance.
Accenture’s interoperability solution opens the door to plenty of new possibilities and is a key milestone for the development of blockchain technology.