Monday, October 31, 2016

Walt Disney Company Goes Big On Blockchain With Dragonchain


The Walt Disney Company is #71 of the top 2000 companies in the world ranked by Forbes. It has an annual revenue in the tens of billions of dollars, assets near 100 billion dollars, and recently developed a keen interest in blockchain technology for use within its massive organization, which includes online retail, television endeavors, and, of course, their world-famous theme parks.


The most obvious benefit of a blockchain system is easier tracking of inventories, sales, shipments, and even people in the case of the parks, but Dragonchain innovates on existing blockchain implementations. According to their design document, they introduce something called “context-based verification.” Their blockchain will have various types of nodes, and a “level 5” of these nodes will interact with an existing public blockchain like Bitcoin, notably providing a “public checkpoint” or “proof of existence” for the blocks within the permissioned ledger.


The other levels of the Dragonchain should be noted for understanding. The first level is the business node, which will process transactions and be able to determine whether a transaction is approved or declined. Level two is an enterprise verification node, which can determine the validity of data submitted by level one nodes. The purpose of the level three nodes is to ensure requisite diversity of sources of information – it acts as a check against errant nodes which may be compromised, for one thing. Dragonchain also calls for a third-party verification/“independent witness” of data at its level 4 nodes, to whit:


Another feature of the Dragonchain is that it will not have a singular currency at its heart in the way that Bitcoin does. Instead, they believe that if a base currency were to be required within an organization, then a separate node should manage it. For the purpose of the Dragonchain, though, a multitude of currencies should be considered.


And most interesting about this is that the Dragonchain will apparently support multiple cryptocurrencies inside a private blockchain transaction, using their transaction class header field. At least at the outset, the network will use Bitcoin-based cryptographic addressing and cryptography. Part of the logic behind this is to make use of existing infrastructure, including Counterparty and hardware wallets for verification purposes within the organization.


Blockchain of Blockchains

Different organizations will have different purposes for Dragonchain, but one thing that may make it very useful is its ability to act as a “blockchain of blockchains.” In this way, various third-party providers can bring to market solutions based on Dragonchain or to integrate competitively with existing Dragonchain implementations. Or, perhaps easier to imagine, third-party vendors can come up with interesting applications, such as methods of tracking inventory, event attendance, line congestion at theme park attractions, and more.



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