We are working on an idea to extend the functionality of the Bitcoin network without affecting the actual Bitcoin blockchain. You can see the idea outlined here:
https://github.com/rcondron/quickbit
I'm imagining the QuickBit wallet to host both the Bitcoin blockchain and the QuickBit ledger. Would love your guy's feedback and suggestions, or if there is something already like this please let me know.
I think this is something that Blockstream is solving in some way. They would give you the ability to have a two-way peg between two or more blockchains. Best to read the whitepaper to understand it fully.
http://www.blockstream.com/