Enterprise blockchain solutions provider Waves Enterprises has partnered with Chinese startup Conflux Network for decentralized ledger technology (DLT) to promote hybrid data transactions on approved networks.
In the collaboration announced on Thursday, Waves Enterprise will use its anchoring technology to make it easier for companies to transfer data over private and public blockchains. Anchoring is a hybrid data storage method used to insert hashes of private data into public blockchains to ensure their validity without revealing the input information itself.
The announcement also indicated that such a system would allow the public chain consensus to be validated for private corporate data without compromising business confidentiality.
Artem Kalikhov, Chief Product Officer at Waves Enterprise, commented on the advantages of combining private and public blockchains over traditional database systems and told Cointelegraph that the latter approach ensures greater data reliability.
“This can be the first step in creating a hybrid blockchain infrastructure that combines the advantages of private networks (access control, security and performance) and public blockchains (decentralization, tokenomics, high reliability). The next step could be, for example, the exchange of assets be between chains. “
Waves Enterprise stated that such a hybrid approach is required for jurisdictions like China with strict trade secret laws. According to Kalikhov:
“To successfully implement our hybrid approach for Chinese customers and partners who use our technology, we need a reliable, technologically advanced and legally compliant partner in China, and Conflux meets all requirements.”
The collaboration comes at a time when blockchain adoption is increasing in China. In its 2020 Global Blockchain Survey, auditing giant Deloitte reported that around 59% of Chinese companies are already using DLT as part of their business process.
Conflux signed a new alliance back in September to connect the decentralized financial markets in Asia and the West. 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 the blockchain platform Ontology to improve its e-voting system. In November, Waves Enterprises released its blockchain voting service after testing the system during the Russian parliamentary elections in September 2020.