Solving the Biggest Barriers to Blockchain Adoption; Today.

In a recent Global Blockchain Survey by PwC, the question was posited as to “which of the following will be the biggest barriers to blockchain adoption in your industry in the next three to five years?”

Jonel Cordero
Sep 3, 2018 · 8 min read
https://www.pwc.com/gx/en/issues/blockchain/blockchain-in-business.html

TLDR Version: Dragonchain has already solved all of this. Go here and apply for access/demo: https://goo.gl/forms/x8FGVWuik7lFJR7G3

Author Disclaimer: 1. I’m the CMO of Dragonchain. 2. Not so long ago I kept quite an active blog that helped piece out my various thoughts that borderlines the definitive “thought leadership,” to the standard run of the mill entrepreneur blog that really no one cares to read (let’s be honest). Of course going down the blockchain rabbit hole, the blog gathered more dust so here is an attempt to revive it. (Though it turned more like a work blog, and perhaps should be posted on the main Dragonchain blog but oh well!).

State of the Industry

This message is for the innovator thinking of dipping his/her toes into the the technology. The industry is young. Let’s not overlook that fact. And the unfortunate thing for blockchain technology is that the technology was brought onto societal prominence driven by the monetary implications that this technology allows and thus a spotlight on the blunders that come with a technology during the maturation process.

It’s not the tech’s fault. It’s human nature.

The fact is that media outlets have incentive for page views, for clicks and to sell and what sells is the emotional. Anger. Fear. That is why instead of real advancement of the technology given limelight and becoming viral, titles such as the following become widespread:

‘I FORGOT MY PIN’: AN EPIC TALE OF LOSING $30,000 IN BITCOIN

Beware This Evil Crypto Scam

Japanese cryptocurrency exchange loses more than $500 million to hackers

The issue with this is that when my step father gives me a call and now equates a $500 Million hack due to the faults of the technology versus the security of the exchange itself that got hacked. (Let’s add that my step father holds a doctorate in economics and is quite a respected intellectual).

Again not his fault or anyone else, the technology needs time to mature. These are the underlying factors that companies putting out real technology has to deal with. With “Lack of Trust” coming out as the 2nd highest barrier towards the adoption of technology, it is understandable with the current state of the industry in terms of public perception and the wide brush that is being painted of the entire industry.

So let me help you cut through the noise.

A solution available today by Dragonchain

When designing Dragonchain, our CEO Joe Roets, having led or contributed to major projects in the industry since 2010, such as Overstock, Coinbase, Symbiont, and the Walt Disney Company, and over 20 years of experience in software architecture focused on security and scalability; foresaw these barriers. Which is why these are barriers that have already been addressed by the Dragonchain team.

Audit / Compliance Concerns

A blockchain itself is designed as an immutable distributed ledger allowing users to publically audit transactions. Dragonchain approaches the process in a hybrid fashion of both Public and Private blockchains through a 5-layer spectrum of trust. Beginning with a private set of L1 nodes that then goes through a spectrum of trust.

The trust goes through level 2 Nodes that validate Level 1 transactions without seeing the details of the transactions. Level 2 nodes store the hash of the transaction in form, signature, and required data elements. Eventually signing a hash of the transactions onto a Public blockchain, up the 5-layers.

This hash is visible for all to see as a proof of time of when the set of transactions occurred, bringing a decentralized validity to the occurrence of said transactions. This approach addresses a private blockchain’s risk of potential unsavory actors due to the selective/permissioned nature of private blockchains through a non selective/ non-permissioned, decentralized verification similar to that a public chain provides.

See Dragonchain Architecture.

Intellectual Property Concerns

Dragonchain approaches the concerns of Intellectual property via it’s payload structure with it’s hybrid approach. Unlike existing platforms, with Dragonchain ​you retain complete control of your data. Sensitive business logic and smart contract functionality is kept proprietary.

The data itself is not signed directly onto the blockchain but instead is wrapped within a payload structure, it is the ID that is then hashed through the levels of verification and unto a public blockchain. The hash represents the time as to which the transactions have validity which is marked on an immutable distributed ledger proving the value of the transaction.

An example of this in use is being applied by the Dragonchain team with it’s identity solution, DragonFactor, which allows it to be GDPR compliant.

DragonFactor provides the ability to filter access control to applications providing selective exposure of factors of identity. The factors are based on external vetting done by third parties. This allows us to provide verification for business transactions, for example certain transactions above a certain amount can only be conducted by a customer that has been verified through a Know Your Customer (KYC) service. This verification of identity is done all the while without holding any sensitive personally identifiable information.

Inability to Scale

Dragonchain’s spectrum based approach, offers a unique solution to address scalability for Enterprise networks. Rather than relying on a single public blockchain like Ethereum, the Dragonchain model allows private blockchain nodes to coexist and interact with those of other public blockchains.

This means designated traffic/transactions can be kept outside of the more congested public highway or vice versa. Since miners do not exist in the Dragonchain platform, there is a fixed processing time for each node. This reduces the unpredictability of transactions and eliminates the need for incentivised verifications — and their associated mining/GAS fees.

Designed on top of a serverless system, the current commercial platform utilizes Amazon AWS for scalable deployments. Validation Nodes are hosted by the Dragonchain user community and provide a compute service to validate Level 1 transactions; no provisioning or managing servers required. Validation Nodes only execute when needed and scale automatically.

The net result of this approach for enterprises is a far greater level of flexibility in how systems are implemented. Specific systems can be designed to interact with public blockchains where it makes sense, but also remain separate when a great degree of confidence or security is needed.

Separate Blockchains Not Working Together

Due to the agnostic capability of Dragonchain, users are able to interact with various blockchains using Dragonchain’s patent pending Interchain.

The Interchain is a Smart Contract which allows Dragonchain blockchains to connect with external blockchains (e.g. NEO, Ethereum, etc.). The interchain’s capabilities include: watching the transactions on a chain and/or address of the user’s choice, firing smart contracts on Dragonchain or other public chains, moving tokens or currency on Dragonchain or other chains, and using a public chain for a transparent process of selective parts of the user’s business logic.

To date, Dragonchain currently offers interoperability with the Ethereum, NEO and Ethereum Classic public blockchains with plans to include Bitcoin and Ark in the near future.

Dragonchain is working with various projects to address the concerns of the long term viability of the blockchain solution that projects currently are built upon that may have scalability or other issues noted here. With the Interchain, projects are able to keep current business logic that they have built and use Dragonchain as a bridge to invoke business logic on other public chains and/or Dragonchains. Effectively giving businesses the capability to use the right blockchain for the right solution that they see fit, all the while future proofing their business against the risks of relying on a single blockchain, versus leveraging the power of the entire blockchain industry.

Ability to bring network together

Dragonchain provides a commercial platform for application developers to rapidly and securely deploy Blockchain applications while maintaining existing language development environments (e.g. Java, Python, Node, C#, Go); a tremendous costing and speed to market advantage​. The platform utilizes restful apis.

Spinning up a L1 node network with Dragonchain is completed with a click of button. Network spin up times are completed in less than 5 minutes on average (according to Microsoft Azure, a Hyperledger network takes 5–20 mins to spin up while an Ethereum network takes 5–45 mins to spin up.)

Other library smart contracts include a single click currency tokenization contract for your blockchain application with others on the way.

Take the project Slumberswap.com as an example.

In less than a month, with only one developer, without absolutely no prior blockchain experience; an alpha product was created allowing listings, profiles pages and the exchange of a digital products with all transactions in the demo sent and confirmed on their Dragonchain.

View their demo video here: https://twitter.com/slumberswap/status/1029608669460217856

Lack of Trust Among Users

The issue currently with the industry is the lack of delivery of what the technology is actually capable of. Users are still lacking in confidence in the technology itself. The difference is that the solutions that I am presenting to you today, exists today with Dragonchain.

By dramatically lowering the entry costs to building a blockchain solution, Dragonchain allows users to test the new technology and even build upon current legacy systems without the need to uproot infrastructure.

From available smart contract libraries to simplistic one click set-ups deploying on a serverless system, Dragonchain provides a true enterprise grade Blockchain as a Service.

In addition, Dragonchain continues to address concerns of enterprises, such as a stabilization solution towards volatility issues seen by tokenized economies via our launching product, Takara. The Academy is set to launch for November 2018, to provide educational tools and classes for the public and enterprises alike and the offering of Dragonchain consulting services that include:

So stop waiting on the so called future promises of blockchain platforms and schedule a demo today with Dragonchain and let us show how simple, effortless and worryless blockchain can be. Today.

Regulatory Uncertainty

Though regulatory issues are outside of a company’s control, Dragonchain has positioned itself to the public sector as a business that seeks to work with regulators.

Dragonchain is a proud US company headquartered in Bellevue, WA and opening offices in Kansas City, MO and Raleigh, NC. We are also an executive member of the Digital Chamber of Commerce. The Chamber of Digital Commerce is the world’s leading trade association representing the digital asset and blockchain industry.

https://digitalchamber.org/

It’s mission is to promote the acceptance and use of digital assets and blockchain-based technologies. Through education, advocacy and working closely with policymakers, regulatory agencies and industry, our goal is to develop an environment that fosters innovation, jobs and investment.

Whatever arises, Dragonchain has proven itself as an industry leader in doing it’s due diligence and doing whatever possible to bring certainty to current unknowns.

Jonel Cordero

Written by

Personal Blog; CMO Dragonchain, Slumberswap Board Director, Entrepreneur, Homelessness Prevention Advocate, Christian.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade