Disney had spent two years in building the blockchain with the intention to make it an asset management platform.
Disney’s Seattle office, in 2014, started developing Dragonchain which is a corporate blockchain. The project is set for commercialization with an initial coin offering (ICO). Disney had spent two years in building the blockchain with the intention to make it an asset management platform. However, currently Disney is no longer involved in the project. It was never implemented forcing Disney to release it to the public under an open source license.
After realizing that the platform had a number of functional uses and potential for commercial use, former Disney employees came up with Dragonchain Foundation in January 2017 with an aim of maintaining the source code. The team has plans to commercialize the platform by creating Dragonchain inc.
The developers describe Dragonchain as an effective and convenient technology that comprises a structure that allows various companies to maintain and control their internal data. Dragonchain is a hybrid amid private and public blockchains with both of them having a deficiency in legacy systems of well established businesses. The structure of the Dragonchain platform incorporates a bridge to public blockchains like Bitcoin.
The developers were trying to combine a typical software architecture with a decentralized blockchain system that has a simplified integration to suit those with little experience on blockchain. This is geared towards enhancing complete control of organization’s data without worrying about the public network.
The Dragonchain inc. platform will ensure companies exploit and benefit from blockchain technology without the need to hire experts. The technology will be beneficial to businesses by offering pre-coded contracts and developer-friendly platform that will ease programming and help to establish languages like Java, Node, Python and even C#.
Dragonchain launched a token sale on October 2 which will help to finance the project. The tokens are called Dragons and are used to access commercial elements of the platform. 55% of the total Dragons, which is approximately 238 million, will be circulated during the Dragonchain ICO.