One of the surest signs that cryptocurrencies and blockchain technology have become incredibly popular is the fact that more and more companies are entering the space with new projects. According to a report by Business Insider, Disney (DIS) began work on a blockchain protocol back in 2014, making the global company one of the earlier adopters of this technology. The Seattle office of Disney began work at that time on a blockchain protocol known as Dragonchain, a blockchain network designed with an emphasis on data privacy. The goal was to create a secure asset management system for the company to use internally.
Dragonchain Since the Beginning
Although Disney began the project back in 2014, the company reportedly dropped the development of Dragonchain in 2016. At that point, Disney decided to make the blockchain protocol open source. Shortly thereafter, a number of former Disney employees founded an organization called the Dragonchain Foundation, a non-profit tasked with keeping the protocol up-to-date. Now, that organization is hoping to transform Dragonchain into a commercial business called Dragonchain, Inc., although they need money in order to do so.
Blockchain supporters often hold strong beliefs in favor of the technology, with some proponents believing that blockchain could replace traditional contracts systems and payment practices across a number of industries thanks to its security and safety. For this reason, a number of major companies have devoted resources and time to working on their own blockchain protocols. Still, just because those companies have built blockchains doesn't necessarily mean that they are prepared to use them just yet; Disney and other companies with blockchain protocls hesitate to place their own company data on a public blockchain as it would reveal a huge amount of sensitive proprietary information to the broader world.
Future of Dragonchain
CEO of Dragonchain, Inc. Joe Roets describes the platform as a "turn key" product, allowing for companies to build the protocl out into something that works for them. "We realized some of the real world problems are that companies have access to traditional engineers, but they don't necessarily have a crypto background," he explained. "If you go even further into blockchain, you need an economist or a game theory expert."
What separates Dragonchain out from other blockchains like ethereum? Dragonchain is also a digital ledger making use of complicated algorithms to store and document transactions so that they cannot be modified for the purposes of fraud. "The main difference would be that with ethereum or any public blockchains, your data is out there," Roets explains. "You can do certain things to obfuscate your data. You could encrypt it. But it won't matter in 10 years or 20 years."
Dragonchain, Inc. will hold an ICO beginning on October 2 and running through November 2 in an attempt to sell 238 million tokens, or "dragons," and raise money for the project.