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Dragonchain – How the Blockchain is Poised to Revolutionize BaaS

Jeff Francis | Nov 01, 2017 | 21:00

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Blockchain technology is revolutionizing the business world, from smart contracts to decentralized data storage, and Dragonchain is helping businesses, both big and small, effortlessly take advantage of this new technology.

[Note: This is a sponsored article.]

Blockchain technology is leading an online revolution, and many companies are taking notice. The vast potential in recordkeeping, smart contracts, and automated payment systems has businesses working hard to jump onto the blockchain bandwagon. Major corporations, such as IBM and Goldman Sachs, are diving deep into cryptocurrency and the blockchain, and one of the more notable platforms, Dragonchain, was created by Disney. Now the fruit of those efforts by the House of Mouse is looking to help businesses and startups take full advantage of what the blockchain has to offer.

How Blockchain Benefits Business

Blockchain technology is proving to be an incredible boon for businesses. Costs are reduced and efficiency dramatically increases due to blockchain combining the elements of a peer-to-peer network with distributed time-stamped data that cannot be altered. All kinds of data are stored in the blockchain and accessed with a unique hash, which enables every type of industry to use this cloud-based, decentralized system.

At the core of the blockchain is the smart contract, which allows for an autonomous system of record keeping, supply chain oversight, and payments. Instead of each business partner having their own set of contract paperwork, along with a department’s oversight, there is now a single contract entity that carries out the term of the smart contract with no downtime, fraud, or third-party interference.

The Dilemma Many Businesses Face

While blockchain offers a lot of innovative benefits to businesses, Dragonchain knows that there’s a major obstacle in place. Many businesses, both large and small, are unsure of how to begin integrating blockchain into their operation, and even if they know how to do so, they may lack the means to do so. It normally requires a significant amount of resources, time, and knowledge to make the blockchain an essential component of one’s business.

Most companies don’t have the programmers on hand to handle such a move, much less experts in cryptocurrency, technology, finance, and legislation. Another major issue is security as businesses are loath to let proprietary information and customer data out into the open. Fortunately for such businesses, this is where Dragonchain comes into the picture.

Dragonchain Offers Solutions and Flexibility

With Dragonchain, a business does not need a dedicated team of professionals to get the ball rolling on utilizing blockchain technology. Dragonchain already has such a team in place, ready and able to lead a business into what blockchain has to offer, thus reducing the cost of integrating the new technology while also allowing a faster speed to market.

Dragonchain is a turnkey blockchain platform that’s fully scalable and offers the full benefits of Amazon AWS and Google deployments. As each business is unique, Dragonchain offers a tremendous range of flexibility. Smart contracts on the platform are fully supported by the most popular languages, such as Java, Python, Node, C#, and Go.

The commercial platform is currency agnostic, which means that a business is not tied down to one specific cryptocurrency and can even feature multiple digital currencies, or none at all.

As for security, Dragonchain ensures that a company retains full control of their data at all times. Sensitive business logic and smart contract functionality are kept proprietary. Dragonchain also features a “spectrum of trust” as the platform features five distinct levels of context-based verification. These five levels are business (approval) verification, enterprise (validation) verification, network diversity verification, external partner (notary) verification, and public checkpoint verification. As the verification level increases for a block, the security level increases as risk decreases.

Dragonchain offers businesses an effortless way to integrate the blockchain into their operation. Even new projects and ventures can get off the ground via the turnkey platform’s incubation system as the full spectrum of digital economics for a project (business design, monetization models, user acquisition and retention, data strategy, and more) can be modeled by the Dragonchain platform team.

Dragonchain offers flexibility, security, and the know-how that a business needs to take advantage of everything that the blockchain has to offer.

Have you ever used BaaS? What do you think of a blockchain solution that supports popular coding languages? Let us know in the comments below.

Images courtesy of AdobeStock