Applications built on Interbit can be created with significantly less code. Why? Blockchains by their design contain live production data, data validation, backup system AND the audit trail. Blockchain-based applications are “lean” and as a result, can be developed faster, are easier to maintain, and they can consume fewer resources (people, technical, energy).
By design, blockchains “self-audit”. Often referred to as "write once" databases, blockchains capture both the actions taken on the data and all of the historical data too. As a result, there is massive savings potential from innovations within the systems and services responsible for data verification, audit, and reconciliation.
One of blockchain's key benefits is that it empowers multiple parties to jointly manage data they all care about. The protocols that allow for the shared responsibility for data also creates a powerful trust system that can eliminate the need for 3rd party authorities. The resulting efficiencies in the systems, processes, efforts and costs of data sharing, comparing, validating, and reconciling are enormous.
Once a validated digital representation of anything is created, blockchain is particularly well suited to support the chronology of ownership, custody and location of it. Once on the blockchain, every alteration or exchange is captured and stored forever. This opens the opportunity for two dependent use cases: First, the provision of services that validate or prove digital representations (i.e. works of art) and second, the services that track provenance over time (i.e. property ownership).
For businesses and industries with significant liability exposure, blockchain offers an elegant and robust solution to capture and later prove historical events/actions. Given the immutable nature of data on a blockchain and the consensus-driven data validation, participating parties enjoy peace of mind while incentivizing non-participants to join the blockchain-powered system. As the diversity of participants grows, the overall efficiency and relative safety for all increases in step.