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