Launching Dragonchain v1: A Hybrid Blockchain as a Service Solution
Blockchain as a Service (BaaS)
Dragonchain offers Blockchain as a Service (BaaS), which serves the fastest path for developers to build, test, and deploy blockchain applications and smart contracts. This is presents a unique opportunity for organizations looking to lower operational costs, reduce time to market, and focus on core business solutions.
Blockchain as a Service is a set of cloud services that enables blockchain development at higher speeds than private blockchain solutions, like Hyperledger. As a cloud-based service, there is no need to worry about the set-up and maintenance of servers; developers can simply focus on creating blockchain applications and smart contracts. The Dragonchain Platform also delivers a set of additional services, like the smart contract library and rich APIs to power blockchain ecosystems.
New User Interface
The Dragonchain Console now features a new, web-based user interface that can be used to easily and efficiently create chains and smart contracts. The following screenshot shows an example of a chain being created.
Community Provisioned L2 Nodes
Data exposure and security are known issues for businesses wanting to leverage blockchain technology. These enterprise users may handle sensitive customer data with associated regulatory or legal risks (e.g. banking, health, identity, etc.).
Generally speaking, there are three blockchain implementation models:
- Public Blockchains: A public blockchain, like Bitcoin or Ethereum, is a permissionless blockchain that allows anyone to access and read data. Data on public blockchains can be accessed by anyone in the network, which exposes sensitive data and raises security concerns for most businesses.
- Private Blockchains: A private blockchain, like Hyperledger, makes permissions restricted, which makes it difficult to share data across networks.
- Hybrid Blockchains: Dragonchain deploys a hybrid public-private blockchain, which seamlessly connects these two blockchain models with ease. This allows for verification of transactions to be based on a spectrum of trust.
Dragonchain’s architecture uses a hybrid blockchain model to provide five standardized Levels of Consensus, which provide users with a spectrum of trust.
- Business (Approval) Verification
- Enterprise Governance (Validation) Verification
- Network Diversity Verification
- External Partner (Notary) Verification
- Public Checkpoint Verification
Community Provisioned Level 2 nodes are a new addition introduced with release. Level 2 nodes are hosted by the Dragonchain user community and provide a compute service to validate Level 1 transactions without provisioning or managing servers. Level 2 nodes check for block and individual transaction validity in form, signature, and required data elements. Level 2 Nodes only execute when needed and scale automatically. You only pay for the transactions that are validated by Level 2 nodes.
The digital signature issued by Level 2 nodes serves as enterprise verification and proof that a Level 1 transaction occurred, performed without sharing the data of the payload.
Dragonchain Deploys a Hybrid Public-Private Blockchain
Centralized blockchains use permissions to participate and have full control over data in a network, which makes sharing data across networks difficult. Decentralized systems are not controlled by a single authority and all network transactions are publicly accessible, which may contribute to security concerns. Dragonchain deploys a hybrid public-private blockchain that connects these two systems. This allows users to selectively share parts of their data to a public blockchain, without risking the security of their sensitive information and business logic.
Interchain is an event-driven system that can be triggered by publisher and watcher services. This functionality can be applied to selectively share data, publish business logic, or respond to events, automating workflows based on events on your blockchain or another public blockchain.
A smart contract is code running on a node with a blockchain-based provenance. Dragonchain smart contracts are only executed on Level 1 (Basic Business Nodes) and are directly controlled by the smart contract owner. A smart contract may be distributed and executed on a pay-per-request basis.
Dragonchain smart contracts can be triggered by events, such as a transactions. The triggering event can then use an Interchain smart contract to publish data such as the payload, or transparent processing on the public blockchain. When that data is published to one or more public blockchains, it then becomes decentralized.
Register to learn more about Dragonchain’s features and services through our courses on Dragonchain Academy. Learn the basics of the Dragonchain Platform and start learning to develop in our ecosystem for free.