Interchain Between Blockchains and Traditional Systems

What is Dragonchain

Since they share similar aims, and they share technology, it will be interesting to see how Dragonchain fares against other cryptocurrencies like Enigma, Ethereum and Cardano. Certainly, Dragonchain’s unique features, like its incubator and slumber score system, definitely help to make it stand out from other crypto options. Dragonchain is an ERC-20 token, meaning that it runs on the Ethereum blockchain, although it plans to separate from this, launching their own platform at some point in 2018. For storing Dragons, being an ERC-20 token, myEtherWallet, and the Ledger Nano S both support Dragonchain.

What is Dragonchain

Blockchain is the platform and cryptocurrency is an application that runs on the blockchain platform. The confusion stems in part from the fact that the platform (blockchain) and cryptocurrency (Bitcoin) launched at the same time. Interchain is the way all blockchains What is Dragonchain and traditional systems can connect in a secure manner. Although Interoperability is thought to be a token to token transfer, Dragonchain takes a multidimensional approach by focusing on token transfer, utility, security, and traditional systems.

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Interchain™ is a combination of smart contracts that can watch a blockchain of the user’s choice for incoming transactions and fire smart contracts on Dragonchain or another public blockchain. This simple process redefines the use of blockchain technology, allowing users to conduct processing across blockchains. Existing blockchain platforms such as Ethereum requires smart contract logic to be transparent and publicly exposed. This forces developers to implement sensitive business logic separately.

The interoperability that Interchain™ provides allows the company to interface active data with legacy medical records. A smart contract connects stored medical records within the company’s network to their L1 private blockchain node. Each transaction flows through Dragon Net’s five levels of verification culminating on all interchained blockchains. The EHR company keeps the private patient data on their servers and decides what level of data to make accessible to the public. While adhering to HIPPA and GDPR guidelines, only predetermined data is visible and the private data remains private.

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This hybrid approach must aim to keep things simple, as simplification has traditionally helped drive adoption. This public accessibility can cause concerns for security of the data. Some level of structure within the payload (e.g. fields and structures) may be implemented as network wide templates to be utilized and noted based upon the optional transaction class header field. This will allow nodes to implement some needed behavior defined at the enterprise or network level, along with simplification of capabilities such as currency.

  • Using BaaS, you can build your own blockchain applications on top of our blockchain platform, without having to worry about security and updates.
  • As witnesses with reports coming out of China during the coronavirus outbreak, citizen journalists tried to get the truth out and were met with censorship and sometimes a more severe demise.
  • The Bitcoin algorithm  incentivized people to mine and potentially – over time – provided the ability for people to use the technology.
  • This gives developers and businesses the certainty and minimized risk that they to begin their journey into the world of blockchain.
  • Most of these offerings are geared to sell more cloud services and storage — and therefore possibly missing some key elements necessary to leverage the capabilities of the underlying technology.
  • This hybrid approach must aim to keep things simple, as simplification has traditionally helped drive adoption.

Dragonchain has focused on interoperability between private blockchain platforms since their early days at Disney, in 2014. In 2016, they were the first multi-chain hybrid to tap into the Bitcoin public blockchain from their private blockchains within Disney. In 2016, Disney released the platform as open-source software and in 2017 Joe Roets, Founder, and CEO of Dragonchain, built the commercial Dragonchain, Inc. Dragonchain is combing innovation and the advantages of blockchain technology to help businesses develop, test, and deploy enterprise blockchain applications faster and gain time-to-market advantage. As an example, an electronic health record (EHR) company like Cerner or Epic has to hold medical records for several years. Those records need to be accessible, in real-time, via the company’s existing network.

Token Transfer

So not only is a transaction secured by an individual chain, it is secured by all chains connected to Dragon Net. The current plague of misinformation and sub-par reporting is no stranger to the blockchain industry. Unfortunately, media reporting on the blockchain industry has become a roadblock to educating their readers about technological advancements within the blockchain space. One area where this is a problem is when reporting on the state of interoperability.

What is Dragonchain