On the 10-year anniversary of Satoshi Nakamoto’s Bitcoin white paper, Dragonchain has expanded its Dragon Net blockchain capabilities with Proof-of-Existence for Bitcoin, NEO, Ethereum, and Ethereum Classic. By using Proof-of-Existence, businesses can prove that a transaction did or didn’t occur, utilizing the functionality of public blockchains.
Blockchain Creates Transparency and Efficiency
There is no shortage of conversations on the subject of blockchain-based industry disruption. For businesses, blockchain technology can transform day to day operations and create substantial value in the form of transparency, increased efficiency, and reduced operating expenses. Blockchain can connect two parties and allow them to transact in a verifiable and permanent way, even without established trust. Most companies use ledgers across business units and functions, but reconciling transactions from individual ledgers is a time-consuming process that is prone to error.
Dragonchain Blockchain as a Service
Dragonchain is a fully-managed cloud platform for businesses to build blockchain applications and smart contracts in a way that is fast, flexible, and secure. Delivered as a service, Dragonchain enables businesses in leveraging the benefits of blockchain technology faster. Its hybrid public/private model simplifies integration and assists companies in overcoming security challenges. The Dragonchain Platform was developed to help businesses build blockchain solutions faster and benefit from blockchain interoperability through Interchain.
Blockchain transactions are verified using Dragon Net, Dragonchain’s consensus mechanism. Our validation network is made up of 5 layers of independent nodes, run by the Dragonchain community. Payload data remains private on Level 1 nodes, and is verified by layers of Dragon Net. Dragon Net serves as the gateway between the Dragonchain platform and public blockchains. When a transaction passes through level 5, it can then be recorded on a public blockchain, like ETH, ETC, NEO, or BTC, using Interchain capabilities.
By connecting data across private and public blockchains, you can provide transparency and real-time sharing, increasing efficiency and minimizing risk. Using a public/private Interchain for Proof-of-Existence allows business to demonstrate transactions in a public and decentralized way, while keeping their data private and secure. By using Proof-of-Existence, businesses can prove that a transaction did or did not occur.
If you’d like to start utilizing Dragonchain’s secure hybrid blockchain for your business, download our free Blockchain Project Planning Guide or contact us at sales(@)dragonchain(DOT)com.