Alibaba’s Subsidiary AntChain Takes the Lead in Formulating New Cross-Chain Standard
Parallel to the massive government-led initiative to boost blockchain development in the country, Chinese private companies are also taking the lead when it comes to blockchain. The latest significant progress in this regard comes from Ant Group, a subsidiary of Alibaba.
According to a report from Chain News, Ant Group launched an international cross-chain standard for blockchain technology. The Standard for Blockchain Interoperability Data Authentication and Communication Protocol, known by its code P3205, is a data authentication and communication protocol that will be applied to isomorphic and heterogenous cross-chains.
Jiang Guofei, the vice president of Ant Group, said that the goal of the protocol was to solve the problem of data recognition in the foundation that underlies heterogeneous cross-chains. The P3205 protocol sets up a standard that provides the best way to build inter-chain communication channels and allow blockchains to perform multi-mode cross-chain actions.
The P3205 standard is a significant step in establishing a more robust foundation for blockchain development in China. With hundreds of different initiatives being launched each month, it has become more important than ever to unify all of the blockchain projects that will be created in the following years. Currently, each blockchain project utilizes different data structures. Blockchain projects are also based on different proof methods, which results in a very complex verification process and inconsistent roots of trust across various networks.
Projects that want to offer its users cross-chain interoperability need to establish a common standard that will make all of these problems obsolete. In layman’s terms, Jian explained the current interoperability problem as being equivalent to everyone communicating in their own dialects.
“The P3205 standard can provide a unified data format for different types of blockchains, enabling blockchains that speak different ‘dialects’ to use ‘standard Mandarin’ for cross-chain interaction,” Chain News reported him saying.
Aside from providing various blockchains with a common language, the standard will also provide a safe and reliable data transmission channel. This will enable businesses to be flexible when exchanging value through the vast network of blockchains in the country.
While the P3205 standard is still in its infancy, it has already been recognized by the IEEE, the world’s largest non-profit professional technical organization. The organization has approved the standard for application in Ant’s multi-generation blockchain products, as well as products offered by the Hyperledger Fabric.
This isn’t the first time Ant Group has found itself at the forefront of blockchain development—reports have shown that AntChain, Ant Group’s tech brand, has ranked first in the number of blockchain patent applications four years in a row. The company’s blockchain network can currently support over 1 billion accounts and 1 billion daily transactions. When it comes to its cross-chain processing capabilities, the company claims it can process over 100,000 requests per second. The P3205 standard is a culmination of a much longer effort to focus on blockchain interoperability—last September, AntChain released the Open Data Access Trusted Service (ODATS), its cross-chain product that provides users with low-cost tools to create a cross-chain communication infrastructure.
Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He built his first digital marketing startup as a teenager and worked with multiple Fortune 500 companies. He's an alumni from mass-transit app Ola and holds a degree in computer science engineering.
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