Waves Enterprises, the corporate blockchain solutions provider, has partnered with Chinese decentralized ledger technology startup Conflux Network to boost hybrid data transactions in permissioned networks.
It has been reported that the collaboration 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, ensuring its validity without revealing the input information itself.
However, such a system allows public chain consensus validation for private company data without sacrificing business confidentiality.
By Commenting on the advantages of combining private and public blockchains over traditional database systems, Artem Kalikhov, the Chief Product Officer at Waves Enterprise said that the latter approach ensures greater data reliability.
“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.
“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.”
Thus, the collaboration is coming at a time of increasing blockchain adoption in China.