Current versions of ArcGIS 10.x and ArcGIS Pro dissolve this data fast. Over a number of releases of the software, 'Dissolve' has been improved in both performance and completeness of the operation (work done to be able to dissolve further without leaving tile boundaries in the output whenever possible).
PairwiseDissolve, a tool specific to ArcGIS Pro, was introduced in an earlier release. It is often even faster as it takes advantage of parallel processing.