Waves Enterprises, a provider of enterprise blockchain solutions, has partnered with Chinese decentralized technology startup Conflux Network to accelerate hybrid data transactions across permitted networks.
As part of the collaboration announced Thursday, Waves Enterprise will leverage its well-established technology to enable businesses to facilitate data transfer across private and public blocks. Binding is a mixed data storage technology that places private hashes of data on public blockchains, thus ensuring authenticity without revealing the actual input information.
The announcement also indicates that such a system allows confirmation of the public network consensus of these private companies without compromising the trade secret.
Artem Kalikov, Chief Product Officer at Waves Enterprise, told Cointelegraph that the latter approach provides greater data reliability and added:
This could be the first step in building a hybrid blockchain infrastructure that combines the benefits of private networks (access control, security and performance) and public blockchain networks (decentralization, tokens, high reliability). Origin between the strings. ”
Waves Enterprise made it clear that such a hybrid approach is necessary for jurisdictions such as China that have strict trade secrets laws. According to Kalikov:
“To successfully implement our blended approach to Chinese customers and partners using our technology, we need a reliable, advanced technical and organizational partner in China, and Conflux fits the bill.”
The collaboration takes place at a time of increasing blockchain adoption in China. In the 2020 Global Blockchain Survey, auditing giant Deloitte reports that about 59% of Chinese companies actually implement DLT as part of the business process.
In September, Conflux formed a new alliance to link the Asian and Western decentralized finance markets. In addition to blockchain solutions for businesses, Waves Enterprises also develops DLT protocols for governments.
As Cointelegraph previously reported, the company recently partnered with Ontology’s blockchain platform to improve its electronic voting system. Waves Enterprises released a blockchain-based voting service in November after testing the system during Russia’s parliamentary elections in September 2020.