Web3 Business Solutions
Web3 represents a significant shift in the way we interact with the Internet by adding decentralized payment and decentralized identity. Web3 creates a more powerful and transparent Internet for all users. Let’s examine the Web3 solutions that Dragonchain offers businesses that can implement today.
What is Web3?
When Web3 is fully implemented it will provide a more secure, transparent, and trustless Internet that will empower users to take control of their data. It will also allow users to interact with each other in a peer-to-peer manner, without the need for intermediaries. Additionally, businesses will also be able to leverage Web3 to provide better security and audit capabilities.
Connecting existing technology with emerging technologies is still met with great difficulty for a significant portion of Web3 builders and users. Dragonchain’s patented interoperability technology provides the bridge necessary to merge today's Internet with its next iteration; Web3.
Advanced Decentralized Identity System
Today, most digital identities are controlled and managed by centralized authorities, such as governments and social media platforms. Identity data held on centralized servers creates significant security and privacy risks to businesses as well as individuals.
Removing centralized control of identity data and instead implementing decentralized identity as part of Web3 protocols will allow individuals to control their own digital identities rather than relying on centralized authorities to manage and verify their identities.
Dragonchain offers an Advanced Identity System designed to decrease the risks of data exposure of individuals and limit liabilities to businesses. We offer user-friendly mobile applications for individuals to own and control their data.
For businesses and organizations our advanced identity capabilities remove the need for businesses to store sensitive information mitigating the risks associated with data breaches. Additionally, the system allows businesses to streamline Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in a Web3 environment to prove anti-fraud and regulatory compliance without exposing sensitive information.
The Advanced Identity System also offers identity verification for human identities as well as for IoT devices and AI integrations. The technology can be used to prove any digital device or AI protocol is as claimed thereby limiting fraudulent devices and systems from being used to gain access to connected business systems.
The system allows businesses to apply anti-fraud measures from a customer perspective with better user-controlled identity as well as allows all internal businesses actions to be tied directly to people's registered identities.
Businesses leveraging Advanced Identity systems for Web3 integrations can at once maintain security and privacy, and meet regulatory requirements with proof of transaction history.
Secure Web3 Connections
Web3 has the potential to be more secure than the current Internet but as with most things, it depends on how Web3 technology and security capabilities are implemented.
The signature capability of Web3 is to leverage decentralization. Rather than data being centralized in a single location, decentralization stores and processes data across a network of computers. This can make it harder for attackers to compromise the network as there is no single point of failure or control but there are some issues.
The main problem with a purely decentralized environment is the potential for private and proprietary data exposure. Dragonchain offers a hybrid approach to decentralization where private and proprietary data remains under the control of the business or the customer and only the proof of the data is sent for verification across a network of decentralized verification nodes. Proof of every transaction is ultimately secured by Bitcoin and Ethereum with billions of dollars of measurable security. This hybrid approach allows businesses and customers to prove a set of criteria has been met without exposing sensitive data.
Additionally, Dragonchain can apply our advanced encryption technology or leverage the encryption technology of choice to Web3 actions that other platforms can't. Coupled with our smart contract gated data access technology for automated encrypted access controls businesses can mitigate risks and protect sensitive data.
Incentivizing Desired Web3 Behavior
An aspect of Web3 that isn’t often thought of is behavior. Being able to entice customers to use Web3 interfaces and perform desired behaviors is instrumental in the overall adoption of Web3 as well as Web3 data security and integrity.
Dragonchain can apply algorithms to Web3 integrations that will help customers maintain control over their data and help the business increase its integrity.
With our Behavior System technology, businesses can better measure the level of loyalty of their customers. With definable metrics, businesses can identify which customers are most important to their goals and then reward those customers. Customers can then fine-tune their own behaviors to get better rewards. The system is very liberty focused in that users have the freedom to do what they want with the knowledge that they will or not be rewarded.
Scalability Solutions for Web3
Besides security, scalability is starting to become a significant challenge for the current Internet. As more users and devices connect to the Internet, the demand for data and processing power increases. This demand can lead to congestion and slow down the network. Web3, on the other hand, is designed to be more scalable by leveraging blockchain and its decentralized computing. Dragonchain has cracked the scalability challenge, unlike most other blockchains.
The majority of blockchains today still scale through hardware. The busier the business, the more hardware that is required to keep up with the increase in transactions. This additional infrastructure is costly.
In addition to hardware, traditional blockchain networks often get bogged down with increasing network usage.
These shortcomings are why Dragonchain built a scalable platform of independent blockchains that is infinitely scalable. The platform is not affected by increases in business transactions nor is the platform affected by an increase in network usage.
Leverage a Sustainable Platform for Web3 Integrations
The debate is still ongoing on whether blockchain and Web3 are environmentally sustainable. Proof of Work (PoW)blockchains, like Bitcoin, offer significant security capabilities due to the amount of hash power that goes into securing the chain. However, all that hash power consumes significant amounts of energy.
Proof of Stake (PoS) blockchains, like Ethereum, drastically decrease the amount of power consumption to secure their chains but are at risk of security vulnerabilities.
Web3 applications that leverage Dragonchain use approximately one-third the power to verify a transaction than even PoS chains. The verification network operates at just 0.02 Watts of energy per transaction and scales up. The more transactions that are processed by the network the less energy that is used per transaction.
Coupled with our interoperability technology, Interchain, businesses can leverage multiple blockchains for measurable security in an environmentally friendly way.
What’s standing in the way of adoption?
Although Web3 has started to catch on, it’s still not ready for mass adoption. Most Web3 integrations are still very complex and lack interoperability with existing business systems. Also, as it stands today, Web3 is not user-friendly enough for the average person to use and requires significant education in how to access connected interfaces and wallets. Dragonchain is different.
Dragonchain has unique Web3 capabilities that allow businesses to integrate a user-friendly environment today. Our interoperability technology connects any blockchain to any traditional business system significantly reducing the friction of implementation.
Combining existing systems with a user-friendly interface allows businesses to offer their customers an intuitive Web3 environment that is easy to understand even when leveraging blockchain technology.
Beyond pleasing user interfaces, Dragonchain removes the need for complicated hardware wallets or software wallets like the MetaMask plugin. By removing the reliance on wallets as the authorization mechanism businesses can implement Web3 technology without extensive education of their customers.
Web3 in Action
A variety of companies have already integrated or are currently integrating Dragonchain’s Web3 protocols. These include businesses in healthcare, fintech, and social media. All are public demonstrations of the ability of a normal person to use advanced Web3 features without being knowledgeable about crypto or blockchain at all.
Dragonchain spin-off Den.social is an excellent example of Web3 in action. Operational since 2018, Den is a community forum that runs completely on blockchain. The platform offers behavior-based content moderation that incentivizes the community to perform desired actions. All rewards are distributed without the need to connect a hardware wallet.
Additionally, Den offers a community and platform governance system where community members can vote without connecting their wallets. The entire platform is very user-friendly and does not require technical expertise to use.
SafePass, a medical tool for safely storing test results during the COVID-19 pandemic, leveraged Dragonchain’s advanced identity system. The application allowed users to prove authority and safety to work based on private COVID test results without exposing sensitive health information. Because of Dragonchain’s hybrid architecture, SafePass was able to adhere to FDA guidance on Digital Health Policies and Public Health Solutions while maintaining GDPR and HIPAA compliance without needing any waivers from authorities.
Raiinmaker is a micro-influencer application that leverages Dragonchain’s Advanced Identity and behavior incentivization capabilities. Every action on the app is cryptographically signed.
DEXX is a decentralized exchange where every action is signed and the users' identity is proven via key pair.
Contact us today to discuss implementation of Web3 technology into your organization.