Interlinked Transactions: Revolutionising Apartment Bookings through Cross-Chain Payments

Abstract

Numerous blockchain networks are inherently closed systems, lacking the ability to communicate with other networks. This inherent design limitation results in restricted interoperability for many blockchain networks. Traditionally, obtaining an asset on a different chain necessitated the sale of an asset on one chain and the acquisition of a corresponding asset on the alternate chain, a process deemed highly impractical. Recognizing the growing issue and the demand for cross-chain asset sharing, a curiosity about potential cross-chain solutions emerged. Cross-chain solutions introduce possibilities for various applications, including asset sharing and governance. Notably, networks like Polkadot and Cosmos have recognized the potency of cross-chain interoperability and have incorporated this capability as a central feature. Consequently, numerous decentralized applications actively explore and leverage these recently developed cross-chain capabilities. This article introduces a comprehensive solution to facilitate cross-chain payments, specifically employed in apartment booking. The deployment occurs on the Moonbeam Parachain, an integral component of the Polkadot ecosystem. This framework represents apartments as non-fungible assets, adaptable for storage on any chain supporting the ERC-721 or ERC-1155 token.