The world is evolving thanks to interesting projects. It is worth mentioning that, Waves Enterprises which specializes in providing corporate blockchain solutions partnered with Chinese decentralized ledger technology (DLT) startup Conflux Network to increase hybrid data transactions in permissioned networks.
As part of the collaboration, Waves Enterprise will use its anchoring technology to allow companies to facilitate data transfer across private as well as public blockchains. As a reminder, anchoring can be described as a hybrid data storage method that places hashes of private data into public blockchains, as a result, ensuring its validity without revealing the input information itself.
Moreover, such a system allows public chain consensus validation for private company data without sacrificing business confidentiality.
Interestingly, when it comes to the advantages of combining private and public blockchains, over traditional database systems, the latter approach ensures greater data reliability. Importantly, it can be the first step in creating a hybrid blockchain infrastructure that combines the advantages of private networks and public blockchains. For example, the next step could be asset swaps between chains.
According to the company, the hybrid approach is necessary for jurisdictions like China with strict trade secrets protection laws. Notably, for the successful implementation of their hybrid approach for Chinese clients and partners using their technology. They need a reliable, and regulatory-compliant partner in China. Hopefully, Conflux Network meets all requirements.
Blockchain and China
It is worth noting that, the collaboration is coming at a time of increasing blockchain adoption in China. Let’s have a look at the 2020 Global Blockchain Survey, conducted by Deloitte. According to Deloitte, about 59% of Chinese firms were already deploying DLT as part of their business process.
For example, several months ago Conflux Network launched a new alliance to connect the Asian and Western decentralized finance markets. Interestingly, apart from enterprise blockchain solutions, Waves Enterprises also develops DLT protocols for governments.
Importantly, Waves Enterprise partnered with the blockchain platform Ontology to improve its e-voting system. Notably, companies signed a memorandum of understanding with Ontology. The purpose of this collaboration is to integrate decentralized identification tools into the Waves Enterprise e-voting system.
Interestingly, Waves Enterprise and Ontology plan to solve one of the biggest challenges of digital voting-user authentication and identification. Last but not least, the companies specifically plan to apply Ontology’s new decentralized identity solution known as ONT ID.
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