23 March 2020
Fujitsu, one of Japan’s leading tech company isn’t unfamiliar when it comes to Blockchain as it has in the past partnered up with banking associations to delve deeper into the implementation of Blockchains in the system. The company has developed a new technology, which allows for Connection Chain Payments. In laymen terms, this will allow transactions between Blockchains. This will allow communication between different cryptocurrency networks. The company aims at controlling the processing of different currency exchange, which occurs at the boundaries between Blockchains. Here’s what the Fujitsu has to say about it:
Settlement between virtual currencies managed using Blockchains [sic], however, requires a reliable application to handle the currency exchange processing at the boundaries between the Blockchains [sic], and ensuring transparency in this process has been an ongoing issue.
So, how will the issue be resolved? It can be done by inter-connecting multiple Blockchains. This would allow for a single transaction procedure, which can be done automatically. This in a way would ensure transparency.
Here’s what the company has to say about its new technology:
Fujitsu Laboratories has now developed an extension of smart contract technology which inter-connects multiple Blockchains [sic] by recording the series of related transactions on each chain in a dedicated Blockchain [sic], or a “connection-type chain,” to link to the currency exchange into a single transaction process that can be automatically executed. It has also developed a transaction control technology to synchronize execution timing of the transaction process on each chain.
The company has said that they will continue testing the technology and may even commercialize it sometime in 2018. This all depends upon the results of testing and how successful it turns out to be.