Bitcoin Global News (BGN)
October 22, 2018 -- ADVFN Crypto NewsWire -- The company revealed
their new platform at the annual Sibos conference. The
"interoperability node" allows one business to house the business
logic of several of the most prevalent enterprise blockchains. This
new system of nodes can connect Hyperledger Fabric; R3's Corda; and
Quorum (used by JPMorgan Chase)
The system creates lines of communication between two or more
distributed ledger technology (DLT) platforms. This incorporates
business logic containing the standards, policies and guidelines
that the different blockchain platforms have agreed to work with
when transacting across their private networks.
Competition For Best Interoperability
Interoperability could end up being the primary hurdle for
companies around the world to gain the best of benefits blockchain
technology can offer. Without systematic integration and universal
communication lines, these networks will never work efficiently.
This problems is being addressed by the world’s biggest technology
developer, IBM.
In August IBM won a patent for a accomplishing similar goals to
this Accenture network, but a decision has not been made by the
patent office yet. IBM’s “Node characterization in a blockchain”
describes a method to gain entity extraction, text mining,
information analysis and discovery, compliance, semantic
extraction, and ontology-based entity discovery from the nodes
receiving a given transaction on a blockchain. Rather than
assessing a given blockchain as the raw data and identifiers -
strings of letters and numbers, this new process would give more
understandable categories to the nodes operating on a
network.
“In any emerging area, you really want to let a thousand flowers
bloom to encourage the best ideas and innovation, but at a certain
point standards and interoperability helps foster even greater
collaboration as we build on other’s successes. We’re really
focusing now on drive connections and interoperability across
disparate blockchain technologies.” - Marie Wieck, General Manager
for IBM Blockchain
Accenture and Blockchain Tech
Headquartered in Dublin, Ireland Accenture has become one of the
most prestigious global management and professional consulting
firms. The company was ranked near the top of Business Insider’s 9
Best Management Consulting list last year. At that time the company
cited $2.6 billion in total revenue for 2016, but in 2017 reported
a massive increase to $34.9 billion. They employee as may as
425,000 employees, with clients in more than 200 cities in 120
countries.
The company is developing deeply in related technologies. In July
of this year, a patent proposal was published from Accenture
related to driverless or autonomous vehicles and unmanned aerial
vehicles (UAV). The patent describes a method for analysis,
transfer and delivery of “a product, a commodity, medicine, food,
an organism, or cosmetics.” In this case, blockchain is used for
encrypting and storing the data inputs from the automated analysis
through the supply chain. And relating to this new design, there is
still work and experimentation to be done:
"On our development pathway, we are exploring the ability to have
multiple interoperability nodes to share and spread the load. And
also a version that would not require a single interoperability
node at all, but actually just simply be part of the smart contract
logic that any node can run.” - David Treat, Accenture global
blockchain lead
By: BGN Editorial Staff