Disney has just unveiled its own blockchain called the Dragonchain.
When Bitcoin was launched, people were floored by how revolutionary it was. However, what most people did not realize is that blockchain, the tech which makes Bitcoin security possible, would end up having a bigger impact than Bitcoin itself.
While we are sure that as we shift towards digital currencies, Bitcoin and related cryptocurrencies will change the world. But that is still decades away. The blockchain, on the other hand, is promising to start revolutionizing things right now.
The one thing which keeps attracting all these companies towards the blockchain is how secure it is. Simply put, the blockchain is the most secure way to store data and ensure it doesn’t get manipulated yet. There is no other technology which can promise data integrity and security like the blockchain. The fact that it powers the world’s largest cryptocurrency (and pretty much every other cryptocurrency) means that people trust it as well. No one has been able to hack or distort the Bitcoin record yet, even as Bitcoins ballooned in value and the made people millionaires. We have a completely unregulated, gray market currency out there and still no one has been able to hack its infrastructure.
Disney is in the game for the same reasons. Disney created the block chain to create an internal system to for asset management. They could have used the public blockchain as well but there were security issues. In order for the data to be truly secure they have to ensure that no one can see the data either, and this was hard to do on public blockchains. That’s why they have developed Dragonchain. While it will be a blockchain it will not be a public blockchain. You still get all the benefits of the blockchain – the data security and redundancy – without needing to make any information part of a public database.
Disney initially created the system to protect its own data but it is working so well that they are turning it into a turnkey product. According to Disney the main reason more companies aren’t using the block chain is that they don’t have people who are experts in crypto technologies. Block chain is hardly a decade-old as a technology and it is very complex. You can’t expect every company out there to hire their own crypto department to keep things secure. Thus companies continue using the solutions they have been using and have the manpower for.
By developing a turnkey product, Disney is hoping companies will finally give blockchain a chance to shine, a chance that it badly deserves. Since the crypto side of things will be handled by Disney itself, every company will not have to hire crypto experts to develop their own solutions. There is a huge gap in the market when it comes to the block chain; there is a lot of talk about the potential of the blockchain, but not enough actual products available. This gap is what Disney is trying to fill.