Waves Enterprises, a provider of business blockchain solutions, has partnered with China’s decentralized ledger technology (DLT) startup Conflux Network to drive hybrid data transactions in authorized networks.
The partnership, announced Thursday, will see Waves Enterprise use its anchoring technology to enable companies to facilitate data transfers between private and public blockchains. Anchoring is a hybrid data storage method that places hashes of private data in public blockchains, ensuring its validity without revealing the input information itself.
The announcement also noted that such a system allows public chain consensus validation for private corporate data without sacrificing corporate confidentiality.
Commenting on the benefits of combining private and public blockchains over traditional database systems, Artem Kalikhov, chief product officer at Waves Enterprise, told Cointelegraph that the latter approach provides greater data reliability, adding:
“It could be the first step in creating a hybrid blockchain infrastructure that combines the benefits of private networks (access control, security, and performance) and public blockchains (decentralization, tokenomics, high reliability). The next one would be asset swaps between chains. can be.”
Waves Enterprise explained that such a hybrid approach is necessary for jurisdictions such as China with strict laws protecting trade secrets. According to Kalikhov:
“For the successful implementation of our hybrid approach for Chinese customers and partners using our technology, we need a reliable, technologically advanced and regulatory partner in China and Conflux meets all requirements.”
The collaboration comes at a time of increasing blockchain adoption in China. In its Global Blockchain Survey 2020, control giant Deloitte reported this 59% of Chinese companies were already using DLT as part of their business process.
In September Conflux launched a new alliance with connecting Asian and Western decentralized finance markets. In addition to blockchain solutions for companies, Waves Enterprises also develops DLT protocols for governments.
As previously reported by Cointelegraph, the company recently partnered with blockchain platform Ontology improve the e-voting system. In November, Waves Enterprises has released its blockchain voting service after testing the system during the September 2020 Russian parliamentary polls.