The simplicity of Interbit’s Megachain technology makes it useful for developing any application that requires a database.
Helix Applications’s application development criteria are based on a project’s ability to meet one or more of the key values the most advanced blockchain technologies, including BTL’s Interbit private megachain development platform, can bring to software development:
Enabling Platform-style Solutions
Why develop multiple solutions for multiple problems when one simplified, customizable solution can solve them all? Blockchain lends itself to developing platforms that support multiple apps. These technologies collapse the occupied slots in the development pipeline by extracting the overlap between concurrent projects. This is the foundation of Helix’s development model.
Replacing the Middleman
Blockchain has the ability to revolutionize the way business and joint ventures are run. Where once there was a need for a middleman or third party to act as the trusted mediator between two organizations, now a blockchain-based platform can assume that role. Blockchain by its very nature produces incorruptible and auditable records of contracts and transactions, removing the costs associated settling with disputes.
Creating Distributed Systems
Blockchain systems are spread across multiple computers, often called nodes. This means that no one system controls the data. Blockchain can enable two or more companies to share one system with neither one controlling it. This eliminates the risk of system failure and makes corrupting the system impossible to do without detection, enabling “incorruptible cooperation”, even when the parties involved don’t trust each other.
Reducing Software and Process Complexity
Software applications traditionally require additional code to maintain security, create audit tables, establish backup systems and keep records. Blockchain reduces the amount and complexity of code that needs to be developed for any type of application because the components that traditional app developers are required to create are implicit to blockchain.
Simplified Infrastructure and Operations
Most enterprise websites deal with lots of incoming and outgoing information. Complex systems of servers and databases are required to ensure the integrity and security of data, to compensate for potential faults (power outages, hardware faults or networking problems), and communicate securely with end-users. Blockchain’s inherent integrity and security makes these complex systems unnecessary, simplifying the infrastructure needed to manage a website’s data.
As an example, an international remittance has three main components; a payment processor, “know your customer” (KYC) service and currency exchange. This enables the transfer of international money from one person to another to be securely and accurately tracked. Each of these individual components could be “unbundled” and used individually in other applications, such as regulated online gaming, private stock exchanges or ride-hailing apps.
Increasing Transparency, Auditability and Compliance
By design, blockchain technology is inherently resistant to modification of data. It is very nature transparent because each block in the chain is based on the one that came before it, ensuring each version is documented. This makes it ideal for situations where detailed records need to be maintained for auditing and compliance purposes.
Functioning on Intermittent Network or Hardware Availability
Blockchain is resilient, persistent and immutable. It is very difficult to stop or shut down. This protects records from being cut off or becoming inaccessible in the event of a network failure and enables data to quickly re-sync when the connection is revived. With blockchain, there is no need to store backups, because the backup is just part of the chain.