As part of Waves Enterprise’s strategy to develop its ecosystem and concept of hybrid blockchain technologies in China, the company entered into a strategic partnership with Conflux Network.
The parties intend to promote a hybrid approach to data transactions in private blockchain networks based on Waves Enterprise technologies. Anchoring is a hybrid data storage concept which involves the reference storage of data hashes from private networks in a public network without passing the actual data, enhancing data integrity and immutability. According to Gartner such hybrid interaction models ensure optimized convergence of private and public blockchains, where private transactions are validated by public chain consensus. This provides the guaranteed trust that blockchain supports, while preserving business confidentiality.
By default, the reference network’s role is played out by Waves Enterprise’s public permissioned main network. In China, with its specific regulatory landscape, this function can be executed by Conflux Network’s public permissionless network.
After launching projects based on the Waves Enterprise private network in China, they will be offered a data anchoring service in the Conflux network.
“The Chinese market of innovative blockchain solutions is essential for us, and promotion in this market is one of our priorities. 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.” — said Artem Kalikhov, CPO at Waves Enterprise.
Conflux’s Co-Founder, Yuanjie Zhang, said: “Technological collaboration and integrations are crucial milestones for the adoption of blockchain technology, and this is the reason why we are excited about collaborating with Waves Enterprise to bridge data between private blockchains on Conflux Network. In addition, this partnership demonstrates that permissioned and permissionless blockchain networks can synchronize seamlessly in the new digital era.”