Abstract
The highly fragmented blockchain and cryptocurrency ecosystem necessitates interoperability mechanisms as a requirement for blockchain-technology acceptance. The immediate implication of interchain interoperability is automatic swapping between cryptocurrencies. We performed a systematic review of the existing literature on Blockchain interoperability and atomic cross-chain transactions. We investigated different blockchain interoperability approaches, including industrial solutions, categorized them and identified the key mechanisms used, and list several example projects for each category. We focused on the atomic transactions between blockchain, a process also known as atomic swap. Furthermore, we studied recent implementations along with architectural approaches for atomic swap and deduced research issues and challenges in cross-chain interoperability and atomic swap. Atomic swap can instantly transfer tokens and significantly reduce the associated costs without using any centralized authority, and thus facilitates the development of a sustainable payment system for wider financial inclusion.
Highlights
The idea of a chain of blocks called Blockchain was put forward by Satoshi Nakamoto in 2008 [1]
We reviewed blockchain interoperability solutions, including interoperability between cryptocurrencies with a focus on cross-chain atomic swap protocols
The remainder of the paper is organized as follows: Section 2 provides a brief review of existing blockchain interoperability solutions, Section 3 is a comprehensive survey on crosschain atomic swaps, protocols, and architectures, Section 4 discusses issues, challenges, opportunities, and concluding remarks
Summary
The idea of a chain of blocks called Blockchain was put forward by Satoshi Nakamoto in 2008 [1]. Blockchain 1.0 has cryptocurrency application, Blockchain 2.0 provides smart contracts whereas Blockchain 3.0 develops distributed applications (dapps) that cater to several fields beyond financial applications or asset transfers. Common-use cases of Blockchain 3.0 include dapps for sectors such as governance, IoT, healthcare, supply chain, smart city, and many other non-financial applications. Theseprojects projectsuse usedifferent differenttechnologies, technologies,consensus consensusprotocols protocols tocols cateringtotospecific specific use cases applications. Such a large number of projects catering use cases or or applications. Such a large number of projects havehave mademade the the development highly fragmented orinteroperability no interoperability between differdevelopment highly fragmented withwith veryvery littlelittle or no between different ent blockchain projects.
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