Cryptocurrencies have taken a huge form over the last couple of months and while they are being seen as a danger to fiat currency system and the economy by many, there are those who have taken it unto themselves to expand their presence and make it easier for masses to adopt.
One such company is Japanese IT firm Fujitsu that recently revealed its ConnectionChain – a new payments technology capable of linking different blockchains to enable exchanges and payments with various cryptocurrencies. ‘ConnectionChain’ is being described as a security technology that connects multiple blockchains securely to make them interoperable to the extent of executing trades and payments in multiple cryptocurrencies.
The company says that with increased awareness about cryptocurrencies and a surge in initial coin offerings, there is a need for a payments technology that can manage it all by making different blockchains talk to each other.
Fujitsu unveiled its solution as a means to facilitate transfers between differing blockchains that records related transactions, in differing cryptocurrencies, on a dedicated blockchain while ensuring transparency.
The solution effectively interconnects multiple blockchains by recording the series of related transactions on each chain in a dedicated blockchain turning it into a single transaction process that can be automatically executed.
Further, the solution also involves a transaction control technology that synchronizes execution timing of the transaction process on each chain.
Fujitsu confirmed a successful trial of ‘ConnectionChain’ in a simulated virtual currency exchange flow, wherein the entire transaction trial was recorded in the connecting blockchain. The innovation will better facilitate payments in various regional currencies, the IT firm added. Further, the announcement revealed plans toward commercializing ConnectionChain in 2018.