Disintermediation of Inter-Blockchain Transactions
This addresses the limitation of Bitcoin to intra-blockchain transactions, potentially disintermediating cross-blockchain payments for users of peer-to-peer electronic cash systems.
The paper tackles the problem of enabling direct payments between separate blockchains without relying on financial institutions, proposing a solution based on Bitcoin's principles that uses a hierarchical meta-blockchain layer to ensure transaction fidelity.
Different versions of peer-to-peer electronic cash exist as data represented by separate blockchains. Payments between such systems cannot be sent directly from one party to another without going through a financial institution. Bitcoin provided part of the solution but its utility is limited to intra-blockchain transactions. The benefits are lost if a trusted third party is required to execute inter-blockchain transactions. We propose a solution to the inter-blockchain transaction problem using the same fundamental principles of Bitcoin. The protocol is described by the Uberledger framework, a hierarchical meta-blockchain layer that encapsulates information regarding the fidelity of peer-to-peer transaction facilitators.