Enterprise Interoperability with Dragonchain

Collaboration between interested parties and the ability to respond quickly to changing trends and needs will determine the success or failure of businesses in today’s economy. However, due to a lack of interoperability, the ability to meet those needs still presents those challenges. Selecting flexible software that not only meets the needs of each individual business but exceeds them should be a matter of strategic infrastructure and will give those businesses a competitive advantage.

Dragonchain offers user-friendly integrations of our patented interoperability technology, Interchain, for businesses to leverage all their siloed and disparate systems so that they can capture critical data from all applicable resources.

We developed a frictionless onboarding process where it takes 3 clicks and less than 10 minutes to create an independent business blockchain. Once a business has its own blockchain, it can connect its blockchain to any business system or blockchain network.

Dragonchain has an in-depth understanding of what challenges face businesses and offers the tools necessary to meet those challenges.

Interoperable Hybrid Architecture

Dragonchain takes a unique approach to interoperability. Our hybrid architecture consists of multiple interoperable blockchains that simultaneously allow businesses to operate their own private blockchain while leveraging multiple public blockchains for verification, security, and measurable proof.

Sensitive business data is removed from the verification process and remains at the business level. Proof of the data is then sent for verification across a network of decentralized blockchains, ultimately being secured by every connected public blockchain (e.g. Bitcoin, Ethereum, Binance Smart Chain) This allows all private and proprietary data to remain with the business and gives them the ability to selectively choose what information to distribute and to whom.

This separation of data also allows businesses to adhere to GDPR/CCPA, and other regulatory requirements, such as HIPAA, and safeguards personal identifiable information (PII) from end to end.

Our hybrid blockchain model employs traditional Software Development Kits (SDKs) that support several complete programming languages such as NodeJS, Python, Java, and even BASH shell script. This allows businesses to use existing engineering resources that already know their business, their customers, and their unique business situations to deliver value to the market sooner with less risk.

Each interoperable blockchain is independently scalable giving businesses the flexibility to selectively choose the solutions that suit them best. Businesses can quickly adjust operations by adding and removing systems as needed, saving time and resources.

Dragonchain’s interoperability technology allows businesses to harness all of the data important to them while ensuring better data integrity.

Interoperable Smart Contracts

Dragonchain brings increased flexibility and true functionality to smart contracts. Like our architecture, our interoperable smart contracts are hybrid in that they allow for private and proprietary data to remain with the business and are not distributed across public systems.

Systems that would otherwise be incompatible can be connected using our interoperable smart contracts. These smart contracts can act like “glue code” between multiple systems and with our patented smart contract orchestration system businesses have extreme flexibility between systems.

Dragonchain smart contracts also act as self-oracles by publishing and watching for information from any source for complete automation. Coupled with our patented Smart Contract Orchestration system businesses can add a smart contract to ledgered steps in a workflow process for added flexibility and efficiency. Any workflow process can be added, updated, or deleted without a complete rewrite of the smart contract saving time, money, and developer resources.

Dragonchain smart contracts allow businesses to build real-world applications by leveraging existing business systems as well as other blockchains to automate any workflow process.

Multidimensional Interoperability

Dragonchain takes a holistic approach to interoperability. Our focus is on bringing the most value to businesses in a secure manner. Although asset and token transfers are part of our complete interoperability suite, we understand that business needs far exceed financial use cases.

Interoperability for Asset and Token Transfers

Operational since 2018, our interoperability technology allows users to transfer value or assets from one chain to another. Our focus is on the safety and security of decentralized value transfer.

Interoperability for Security

We leverage multiple public blockchains for security. A network of private and public blockchains is inherently more secure than one or the other. To conduct what is known as a 51% attack on just one transaction, a nefarious actor would have to breach the private business blockchain, five independent decentralized verification blockchains, and every connected Interchain (e.g. Bitcoin, Ethereum, and Binance Smart Chain)

To quantify the level of interoperable security we assign a value to the combined hash power of all current Interchains (Bitcoin, Ethereum, and Binance Smart Chain) securing each and every transaction. This value known as the Transaction Security Value (TSV) indicates how much money in USD it would take to alter that one transaction. Currently, every transaction is secured by $4 billion USD per year.

Interoperability for Increased Utility

Dragonchain is uniquely positioned to give businesses the most flexibility in blockchain utility. Instead of focusing on one particular use case, Interchain allows businesses to selectively choose what blockchain protocols work for their particular challenges. Businesses can benefit from the features of several specialized blockchains simultaneously without altering workflows or infrastructure. This allows businesses to integrate capabilities such as quantum computing, decentralized storage, supply chain management, enterprise resource planning (ERP) software, decentralized communities, accounting software, and more.

Interoperability with Traditional Business Systems

One of the most powerful capabilities of Interchain is the ability for businesses to keep the software and systems they already use. Through the use of RESTful APIs and/or smart contracts we connect the systems businesses need for a robust interoperable infrastructure. By using blockchain with the systems that are already in place and familiar to employees, businesses can leverage blockchain tools to address the challenges even traditional systems have been unable to solve.

Fully Operational Interoperability

Our interoperability technology has been operational since 2016 with the first connection of a private blockchain to Bitcoin. Since then we have successfully connected traditional business systems to public and private blockchain networks (e.g. Bitcoin, Ethereum, Hyperledger, Ethereum Classic, NEO, Binance, and Binance Smart Chain.) Our first-mover advantage offers businesses interoperable solutions for out-of-the-box functionality.

Our solutions are scalable to meet the needs of a growing business without the shock of increased translation costs. In the case of a downturn in business operations adjustments can be made quickly to increase margins.

Blockchain is a tool to record historical events. How the technology is used is up to each business. How will you apply blockchain technology to connect your business systems?

Other Resources:

https://dragonchain.com/blog/interchain

https://dragonchain.com/blog/blockchain-interoperability

https://dragonchain.com/blog/dragonchain-awarded-us-interchain-patent

https://dragonchain.com/blog/10-questions-for-businesses

https://dragonchain.com/blog/11-blockchain-solutions-for-businesses