The blockchain company Dragonchain (DRGN) announced their new Interchain patent. The new system, built for “empowering business with an enterprise-grade blockchain solution” will allow multiple public and private blockchains to connect.
The Seattle-based Dragonchain (DRGN) launched an ICO last November, as a project of the Walt Disney Company
Last year, just before the great boom at the year’s end, the coin rose dramatically. In just one month, a DRGN token went form $0.26 to $5.00.
But since then, the company struggled to get their coin listed on a major exchange. At last, however, Bitfinex added support for Dragonchain (DRGN) earlier this month.
Interchain is a system that follows Dragonchain (DRGN) original mission to link public and private blockchains
It uses a “proof-of-existence” method to link the company’s Dragon Net to Ethereum and NEO networks. In a nutshell, this method allows for a balance of transparency with data privacy that can be controlled by a central proprietor.
Indeed, while the blockchain’s public ledger is attractive to many, it can be an uneasy concept for big businesses. Interchain is an example of emerging technology that can provide a business with the advantages of blockchain (faster transaction speed and lower operational costs). But at the same time, it allows for a measure of central control. As Dragonchain (DRGN) CEO Joe Roets elaborates,
“Interchain empowers businesses to utilize the combined network effects of various blockchain solutions. Imagine transactions rooted with the combined security of Bitcoin and Ethereum and access to the innovation of those communities”
Roets even claims to be the first, in 2015 with Disney, to connect a private blockchain to the blockchain of Bitcoin.
Other companies have begun to offer comparable solutions
Microsoft, for example, has developed their Coco, or Confidential Consortium Framework. This too can link separate protocols, quickly executing transactions via smart contracts. Sensitive data can be encrypted, but public information can just as easily be made transparent. Most importantly for businesses, they have the control to select the trusted nodes for validation. Likewise, both Coco and Interchain run on the cloud. Additionally, the idea is that linking multiple blockchains can actually enhance security.
This emerging, proprietary blockchain technology proposed by Dragonchain offers an attractive solution to businesses for jumping in on the technology. On one hand, it obviously undermines the public, decentralized, and fully trustless principles of the Bitcoin (BTC) blockchain. But on the other, it could help the blockchain and crypto grow exponentially.
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