Distributed ledger technology has gained significant traction in recent years in the financial sector, where its promise of data consistency, security, and shared business logic is the key to resolving long-standing market-level inefficiencies. However, as the adoption of blockchain networks continues to expand, a pressing challenge has emerged: the ability for these new solutions to seamlessly communicate and transact with one another, in a way that complies with the unique constraints and obligations faced by the financial industry.
Recognizing the need to address this challenge head-on, R3, in collaboration with Adhara, is proud to announce the launch of a new connectivity initiative – Harmonia, a Hyperledger Lab. As a community for open collaboration, Hyperledger Labs is exactly the venue the industry needs to accelerate the development of interoperability protocols specifically tailored to regulated financial and blockchain networks.
To date, much of the work undertaken by financial organisations to solve interoperability challenges has been undertaken in private, hindering collaboration and impeding progress. The Harmonia Lab seeks to change this by fostering open, industry collaboration. By providing a platform for information sharing, Harmonia aims to bridge the gap between various stakeholders and facilitate a harmonisation of approaches.
This collective effort will increase clarity, establish common ground, and pave the way for seamless interoperability across regulated financial networks. Our aspiration is to encourage the incorporation of critical industry insights into existing interoperability workstreams. In so doing, Harmonia aims to facilitate the development of robust protocols that enable true atomic settlement across financial markets blockchain networks. Furthermore, by addressing the constraints and requirements specific to these networks, Harmonia aims to unlock the full potential of blockchain technology, opening new avenues for secure and efficient cross-chain operations.
It is important to note that Harmonia takes a unique approach compared to existing interoperability frameworks. Unlike Hyperledger Cacti or YUI, another Hyperledger Lab, Harmonia is not a new framework. Similarly, it is not intended to define a formal standard like the work of the Enterprise Ethereum Alliance’s Interoperability Working Group. Instead, Harmonia’s objective is to share a comprehensive set of principles, requirements, designs, and code samples to help inform and accelerate such initiatives.
The road ahead may be challenging, but Harmonia’s principles, designs, and code samples will serve as a guiding light, igniting a spirit of collaboration and propelling the industry towards a future where true atomic settlement across financial markets blockchain networks becomes a reality.
As Hyperledger Lab Harmonia takes its first steps, we invite you to join us on this transformative journey. Let’s work together to unlock the full potential of blockchain technology, foster innovation, and revolutionise the way regulated financial networks interoperate. Together, we can shape a future where blockchain networks seamlessly connect and empower industries worldwide.