Dragon Technology
Blockchain Overview
- Blockchain is a distributed ledger technology, first used to underpin Bitcoin (Jan 2009)
- A copy of the blockchain is held by each of the network participants, and a copy of each new block is transmitted to each of the participants, such that the contents of the blockchain can be simultaneously trusted to be an accurate and immutable record by multiple participants on a decentralized basis
- The quality of the encryption used is core to the value of the blockchain
- Opportunities for public (trust-less) networks – e.g. global currency systems, public access records
- Blockchain allows for parties who do not know each other, or trust each other, to trade or do business without the need for centralized intermediation
- Opportunities for private (trusted) networks – e.g. stock exchange members, shipping systems
- Blockchain allows for immediate propagation of transactions / data to and between all points in a network, in a form that is claimed to be immutable, providing a data log and audit trail – giving perfect tracking throughout a domestic or cross-border payment / settlement process
Blockchain – revolutionary but flawed technology
However, the current Blockchain systems used for Bitcoin, Ethereum and ICOs remain fundamentally flawed:
Speed
Blockchain is slow; it is claimed Bitcoin runs 7 transactions per second (tps) / Ethereum runs 13-15 tps but a group of Bitcoin transactions is only considered confirmed after an hour has passed
Scalability
Blockchain has high energy / resource usage, creating environmental and economic issues, and effectively crowding out smaller players and preventing more widespread adoption – as at 2nd Feb 2018, estimates (source: https://digiconomist.net/bitcoin-energy-consumption) are that the energy used in a single Bitcoin transaction could power a US home for more than 17 days (cf. 9 days as at 30th Nov 2017), and that Bitcoin uses as much energy annually as over 4.3m US homes (cf. 2.8m homes as at 30th Nov 2017)
Security
- The advent of quantum computing will pose significant security issues for Blockchain
Centralization
Blockchain seeks to be decentralized (despite the use of centralized DNS nodes), but the ever-increasing energy / resource usage of existing Blockchain centralizes the system by limiting nodes to high resourced users, preventing widespread globalized participation by consumers / less resourced users
Dragon Temporal Blockchain
Dragon has fundamentally re-engineered existing Blockchain technology using cutting-edge cryptographic expertise to create a fast, low cost system that would truly allow for widespread global adoption of Blockchain on a secure, distributed basis. Dragon’s revolutionary Blockchain 4.0 platform – Dragon Temporal Blockchain – is:
Ultra-fast
Tested up to 120,000+ tps so far – ideal for high frequency / volume transactions
Scalable
No scaling issues on memory usage (constant size); takes fraction of the resource / energy usage of current Blockchain; increase in nodes increases network performance
Secure
Quantum resistant encryption / mathematically impossible to alter blocks
- Secure against the concerns set out above for current Blockchain
- Dragon Temporal Blockchain has been tested to be quantum resistant
Distributed
DNS node replaced by authority nodes; low energy / resource usage promotes distribution of system by enabling standard smartphones to act as nodes; distributed intelligence enables AI solutions across the network
Dragon Temporal Blockchain use cases
Network Solutions
Ultra-fast, low cost, secure Blockchain usage (e.g. can provide access for lower resourced users via mobile phones in emerging markets, and secure users with outdated hardware/software)
Internet of Things
Secure IoT devices with distributed intelligence at the edge of the network; secure drone networks for anti-terrorism; search and rescue; policing
Globalization / Cross-border Flows
Payments / transfers of cash and digital assets, data and certifications (KYC-AML, customs declarations), music, film, etc.
Exports of Services
Digital services; software
High Frequency Trading / Exchanges
ultra-fast, low cost, secure clearing/settlement of digital assets such as electronic stock transfers
Transparency / Trust
Secure payment/data solutions that can replace, or instill trust in, corrupt / untrusted institutions (e.g. emerging markets)
GDPR Solutions
Solutions for data audit/tracking and data security; from May 2018, GDPR will levy fines on any business worldwide with EU individuals’ data up to the higher of €20m or 4% of global turnover
Fund-Raising for High-Tech / Innovation Businesses
Via secure ICOs using Dragon Temporal Blockchain
Secure Database for Public Access Records
Land title, company data, etc.