The Blockchain Interoperability Alliance is a partnership made up of Icon, Wanchain and Aion – representing the Korean, Chinese and American markets – working together to promote cross blockchain transactions and blockchain interconnectivity. The three companies are working together to grow inoperability together rather than be competitors and as such are also individually becoming more known and successful.
One of the current fundamental problems with blockchain, is the inability of different blockchains to communicate with each other, in a decentralised way- i.e. without relying on a third party. The Blockchain Interoperability Alliance is focused on connecting together different blockchain protocols, so that transactions and smart contracts can be sent and work between different blockchains, not just over the Bitcoin blockchain, for example. They are also creating a common set of standards for blockchain interoperability.
Their hope in collaborating, is to increase market and thus mass-adoption of inter- blockchain connectivity. Individually –all three companies have slightly different aims – but together are all focused on creating a worldwide system of blockchain interoperability – with the aim that it will be as easy to send transactions or create smart contracts between different transactions, or with a different crypto currency – i.e. sending Ark over Ethereum to a Bitcoin address– as it would if one were doing the same over one transaction.
Aion is focused on North America, and describe themselves as a third generation ‘multi-tier blockchain system designed to address unsolved questions of scalability, privacy, and interoperability in blockchain networks’
Wanchain is focused on China, and are working on allowing smart contracts to be executed across different blockchains.
Icon is based in and focused on South Korea. They aim to Hyperconnect the world, by connecting different blockchains so that information or assets can be sent between any blockchain without a third party