Corporate blockchain solutions provider Waves Enterprises has partnered with Chinese decentralized ledger technology (DLT) startup Conflux Network to boost hybrid data transactions in permissioned networks.
The collaboration, announced on Thursday, will see Waves Enterprise using its anchoring technology to allow companies to facilitate data transfer across private and public blockchains. Anchoring is a hybrid data storage method that places hashes of private data into public blockchains, thus ensuring its validity without revealing the input information itself.
The announcement also noted that such a system allows public chain consensus validation for private company data without sacrificing business confidentiality.
Commenting on the advantages of combining private and public blockchains over traditional database systems, Artem Kalikhov, chief product officer at Waves Enterprise told that the latter approach ensures greater data reliability, adding:
“It can be first step in creating hybrid blockchain infrastructure that combines advantages of private networks (access control, security and performance) and public blockchains (decentralization, tokenomics, high reliability). The next could be asset swaps between chains, for example.”
Waves Enterprise explained that such a hybrid approach is necessary for jurisdictions like China with strict trade secrets protection laws. According to Kalikhov:
“For the successful implementation of our hybrid approach for Chinese clients and partners using our technology, we need a reliable, technologically advanced and regulatory-compliant partner in China and Conflux meets all the requirements.”
The collaboration is coming at a time of increasing blockchain adoption in China. In its 2020 Global Blockchain Survey, auditing giant Deloitte reported that about 59% of Chinese firms were already deploying DLT as part of their business process.
Back in September, Conflux launched a new alliance to connect the Asian and Western decentralized finance markets. Apart from enterprise blockchain solutions, Waves Enterprises also develops DLT protocols for governments.
As previously reported, the company recently partnered with blockchain platform Ontology to improve its e-voting system. In November, Waves Enterprises released its blockchain voting service after trialing the system during the September 2020 Russian parliamentary polls.