Interbit was developed with a multichain design following unsuccessful attempts in 2016 to deliver the functional immutability that blockchain systems should have in pilot projects utilizing the Ethereum platform.
In these 2016 pilot projects -the first of which was with Visa and a group of European banks – the required pace of creating new immutable records at the pace the customer’s banks needed was not possible. In addition to this scalability issue there was a privacy issue whereby it was not possible to keep sets of immutability private and apart for each customer bank.
Experiments were done to try and use multiple Ethereum blockchains to overcome both this scalability and privacy issue but there was mechanism whereby such chains would be able to communicate together.
This drive to create and use multiple chains led to the creation of the vision for Interbit and the concept of chain joining
What is chain joining?
In a decentralized blockchain environment , applications transform data as the data is transported between nodes. Critical to the vision of Interbit was the invention of chainjoining that permitted secure sharing of data between different blockchains . Prior to the invention of chainjoining to securely share data using blockchain, multiple nodes had to be part of the same chain and/or the data had to be encrypted which is not always desirable nor efficient.