Despite existing concerns that blockchain is non mature enough to bring the new era of payments, the technology is being increasingly explored by global central banks. Blockchain engineering meanwhile remains at the cadre of Facebook's digital currency Libra, according to a meridian project executive.

Since Libra'due south white newspaper release in June 2022, the not-however-launched stablecoin has continued to rely on blockchain architecture, Libra Clan's vice chair Dante Disparte explained.

Blockchain unlocks payment network interoperability

In an April 28 interview with financial publication Central Cyberbanking, Disparte outlined a number of structural benefits provided by blockchain implementation. Every bit function of the blockchain-powered advantages, the exec outlined the engineering's potential to drive interoperability of payment technologies. He said:

"Nosotros remain very committed to blockchain architecture as a distributed ledger technology for this projection. Without information technology, the projection doesn't achieve many of the efficiencies: the low-toll structure and interoperability that it'due south being designed to achieve."

According to Disparte, the interoperability problem is ane of the biggest challenges faced past global payment networks. "Because the technologies don't speak to each other, it is often years before the units tin make payments to each other," the executive noted.

Disparte continued:

"Without blockchain at the core of libra and that technology existence shared amongst the members of the clan, who would run validating nodes, it would be much harder to accept a digital wallet environment that doesn't take lock-in effects, where the user is locked into one provider or another."

The Libra Association declined to elaborate to Cointelegraph on how exactly Libra is planning to tackle the interoperability issues past ways of blockchain.

"Cryptocurrency aspect is not the key dimension of innovation," Disparte says

In the interview, Disparte also touched upon a mutual narrative stipulating that cryptocurrencies are not that crucial for innovation every bit blockchain technology is.

Disparte said:

"The cryptocurrency attribute is non the central dimension of innovation. The real breakthrough is to create the protocol level for the transfer of value. That's Libra'southward big contribution. Without blockchain at the core, information technology is very difficult to achieve that openness that we're trying to develop at the wallet level and at the user level."

According to the executive, the Libra Association expects to launch Libra in Q4 2022. By that fourth dimension, the project hopes to sort out major problems including regulation, organization and readiness to move from testnet to the master environment, Disparte noted.

Libra is putting more than efforts to launch the project

Disparte'south interview comes after Libra put some new efforts to move forward with the project recently. On April xvi, the Libra Clan applied for a payment system license from the Swiss Financial Market Supervisory Say-so, also making a bunch of changes to its white paper.

Alongside working on regulatory matters, Libra has continued to grow its members and squad. On Apr 20, the Libra Clan added non-profit organisation Heifer International. Earlier today, the Association was joined by British payments showtime-up Checkout.com. Facebook'south digital wallet Calibra is also looking to create 50 new roles for its workforce in Ireland.