Disney had dropped plans for developing Dragonchain in 2016 as a rival blockchain technology to Ethereum. But the recent completion of this seemingly ‘better encrypted’ technology might pose a challenge to the existing open source blockchain run by Ethereum.
Dragonchain’s Privacy Promise
The open nature of the Ethereum blockchain makes it hard to maintain confidentiality for enterprise purposes. The decentralized structure does make it hard for transgressors to obtain confidential information, but not impossible. With the passage of time and stronger algorithmic compilers which can perform functions at an unprecedented rate, very soon the existing Ethereum blockchain network might not be able to offer the same confidence it does to users today. However, the Ethereum development team is actively trying to solve this very problem.
Dragonchain has an advantage over Ethereum because from the start the network claims to not make exchanges completely public meaning that private information which the user does not want to give away at all is inaccessible to third parties.
A user on the Ethereum blockchain network abides by the fact that any information related to any exchange made will be public, and the only way to take it down is through having the consent of all parties involved in the blockchain network. The more a network grows, the more difficult it becomes to take down that information, meaning that your ability as an individual to determine what you wish to keep on a confidential status slightly decreases.
Dragonchain claims to offer more power because irrespective of how many nodes the blockchain contains, you can take down any receipt/invoice or automatically generated message which can potentially give away your confidential details, but has not been operated on a large scale for this feature to be confirmed.
Despite Cisco and IBM working with Disney on Dragonchain, the trust and convenience of the Ethereum blockchain will not be overtaken in the near future. However, it might show promise in the long run as a potential rival to Ethereum.