Cross-Chain Blockchain Networks, Compatibility Standards, and Interoperability Standards

Abstract

This chapter explains the role and how interoperability standards and compatibility standards will enable the development of cross-chain blockchain networks. Blockchain currently lacks standardization. There are different initiatives aimed at facilitating interoperability between different blockchains. But if there are no uniform interoperability and compatibility standards, that will cause a problem for the development of cross-chain blockchain networks. In the EU, there is an initiative to facilitate a continental cross-chain blockchain network. Interoperability and compatibility standards are an integral aspect of the initiative. This chapter uses the case of the EU as a basis for explanation on how blockchain service providers can work together to develop these standards.