Blockchain interoperability

Hi everyone,
It's another day of the week, and I'm delighted to participate in this contest today organized by @khursheedanwar, which talks about Blockchain interoperability. I will be making my entry below, so read through it and drop your valuable comment, as it will be appreciated.

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What is blockchain interoperability? Explain it in your creative way

When we talk about blockchain interoperability, we are referring to the situation where different blockchain networks communicate with each other effortlessly without any form of hurdles or hindrances. Blockchain networks, as we know them, differ, and for that reason, there is a need for them to be able to communicate with each other, and that is where the idea of interoperability comes into play.

Interoperability has to do with the seamless sharing of resources or data together between different blockchain ecosystems. This means that a blockchain of a different ecosystem will share data with another blockchain of another ecosystem without any issues at all.

Blockchain interoperability has different types and a few of them can be seen below.

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• Network-to-network interoperability
• Asset interoperability
• Data interoperability
• Application interoperability

I will briefly explain each of these blockchain interoperability so that we can have a wider knowledge of how they all work. So let's look at them one after the other.

Network-to-network interoperability: This type of network interoperability enables seamless communication between two or more blockchain networks.

Asset interoperability: As the name implies, asset interoperability is a type of interoperability that allows the seamless transfer of assets or tokens from one blockchain network to another.

Data interoperability: This blockchain interoperability helps to synchronize data within different blockchain networks seamlessly and effortlessly.

Application interoperability: This is a type of blockchain interoperability that helps applications that are built within the blockchain to communicate with each other seamlessly and effortlessly without any issues.

Having discussed the different types of blockchain interoperability, let's go ahead to talk about the benefits and the challenges associated with this very blockchain as well.

Benefits of blockchain interoperability:

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• Increase new possibilities as there are always communications within the differential blockchain.

• Increase collaboration within the blockchain technology

• Security reduction since most of the blockchains are out to watch the back of others since they are in collaboration.

Challenges and solutions for blockchain interoperability:

• Scalability is a major issue that has to be addressed as we still find it difficult for blockchains to blend.

• Governance of the blockchain is always an issue because selecting the person to lead is always not easy.

I want to invite @josepha, @simonnwigwe, and @bonaventure24, to join the contest in this community and share their entry participation.