“There are millions of transactions taking place on these layer two networks right now and those are scaling as we speak. There are several different blockchains that can enable these peer-to-peer microtransactions without a centralized intermediary taking 10-30% of the cut as we see with Google, Booking.com and Spotify,” Sigel added.With Ethereum transactions taking place at 50 basis points, there’s a lot of room to add some additional functionality, even if it’s charged for, and still end up with a solution that is much cheaper than the status quo.

“I think that we’re making progress on that interoperability question, I agree with Tal that we don’t know yet necessarily who the winners are going to be, but because this is opensource code and anyone can write their own solutions, I see the interoperability question as more of an opportunity than a headwind,” said Sigel.

Many of the implementations of blockchain technology are going to dig deep under the hood and will not require interoperability in the way we think about it, according to Elyashiv.

“As an example, HSBC just moved last year $20 billion worth of private offering securities that it’s holding in custody for its clients…it moved them to the blockchain. The reason is that it was much easier for them to manage ownership and settled transactions using blockchain. Now, there is no interoperability question there right now because they’re doing it for internal purposes and for efficiency purposes…later on, as more of the industry adopts these, we will start talking about interoperability of settlements between institutions and so on,” said Elyashiv.

“The time will come for that. For now, it’s not a hurdle for anything.”

This article originally appeared on msn.com, to read the full article, click here.

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