The provider of blockchain solutions for companies, Waves Enterprises has teamed up with the Chinese Conflux Network startup Conflux Network to perform hybrid data transactions in licensed networks.
The collaboration announced on Thursday You will see how Waves Enterprise uses its tethering technology to make it easier for companies to transfer data over public and private blockchains. Anchoring is a hybrid data storage method that places hashes of private data on public blockchains to ensure their validity without revealing the input information itself.
The announcement also makes it possible to indicate that the system of validation by consensus of the public chain for the data of the private company is carried out without compromising commercial secrecy.
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 higher 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, token economy, high reliability). The next could be the exchange of assets between chains, for example”.
Waves Enterprise stated that this hybrid approach is required for jurisdictions like China with strict trade secret laws. According to Kalikhov:
“For the successful implementation of 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 takes place at a time when blockchain adoption in China is increasing. In its 2020 Global Blockchain Survey, auditing giant Deloitte reported that around 59% of Chinese companies are already implementing DLT as part of their business process.
In September, Conflux signed a new alliance to connect the decentralized financial markets of Asia and the West. In addition to blockchain solutions for businesses, Waves Enterprises also develops DLT protocols for governments.
As Cointelegraph previously reported, The company recently partnered with the blockchain platform Ontology to improve its electronic voting system. In November, Waves Enterprises launched its blockchain voting service after the system was tested during the Russian parliamentary elections in September 2020.