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article imageAion, first network to power communication between blockchains

By Tim Sandle     Sep 3, 2017 in Business
The enterprise blockchain company Nuco has announced the creation of Aion, which is the first interoperable blockchain network and the starting framework to enable communication between blockchains.
The aim of forming Aion is to allow instant, global transfer and recording of data and value between blockchains. This is in recognition that blockchains today are much like computers before email; potentially powerful means of digital facilitation and yet unable to connect to transfer information. Aion will begin to connect compatible blockchains, operated independently, to enable the instant, global transfer and recording of data. Aion has the potential to transform cross-organizational functions, including supply chain management. Applications could include streamlining communications between healthcare providers as well as offering a secure link to government entities throughout the world. Because blockchains are secure by design this makes them suitable for the recording of important administrative events and for holding confidential data like medical records.
The technology will enable more people to write entries into a record of information, and for a far more expanded community of users can control how the record of information is amended and updated. The basis of the initiative is to use Aion tokens to create new blockchains, monetize inter-chain bridges, and secure the overall network. The platform will allow users to send data and value between any Aion-compliant blockchain and Ethereum, the blockchain-based distributed computing platform.
The initiative was put together by the former lead of Deloitte's Rubix Blockchain Team. Michael Tang, who is the Head of Global Digital Transformation for Financial Services at Deloitte explains the potential of Aion to Enterprise Times: "Blockchain technology will soon become integral to every industry’s infrastructure, and a framework for interoperability is critical to scaled adoption. As strong supporters of innovation in this space, we are eager to witness how Aion will help enterprise blockchains realize their enormous potential."
Continuing this theme, Matthew Spoke, CEO of Nuco, the company behind Aion, explained to International Business Times: "Today’s blockchains don’t talk to each other at all. With Aion, blockchains will be able to federate, interoperate, and scale in a model similar to the internet itself." This is with acknowledgement that "hundreds of blockchains existing today will soon become thousands, then millions. Future adoption of this technology relies on a network of blockchains, both enterprise and public, and we’re on our way to achieving this mission."
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