Conflux and Waves Enterprise Partnered for Promoting Hybrid Blockchain Adoption
Now that the entire world is just about ready to step foot into the New Year (2021), the cryptocurrency industry is also getting ready for a fresh beginning. No matter the obstacles or difficulties, the cryptocurrency industry is ready to take on any challenge that comes it’s way.
There are many cryptocurrency firms that are ready to introduce new developments and advancements in the industry. Their goal is to gain crypto-supremacy that the entire crypto-community can benefit from. More and more cryptocurrency-firms and enthusiasts are joining the platform to put their contribution to the industry’s development and success.
Keeping the above aim in mind, two major firms, Conflux & Waves Enterprises have joined hands to bring their innovation into the crypto-space. Conflux is popular for being a Chinese decentralized ledger technology (DLT) and Waves Enterprise is known for being a corporate blockchain solution provider.
It has been reported that both companies have partnered to boost hybrid transactions in the networks that give the companies the permission to do so. The partnership announcement between both companies was made on December 24, 2020.
Following the announcement, Waves Enterprise confirmed that it will be using the anchoring tech for transferring data. The firm will be making necessary adjustments to its anchoring technology that would allow companies to transfer data more conveniently. The companies will be able to transmit data transfers across the public and private blockchains.
As explained by the Waves Enterprise officials, anchoring is a method for storing hybrid data. With this technology, private data is placed into online blockchains. With this technology, the private data is validated without even having to reveal the information input .
When it comes to business data consensus, technology can be set to work in any direction. So whether it is private data or business data, the entities can transfer it without having to worry about data breaches. With this technology, the data can be transferred through the most secure channel and can be kept confidential at all times.
The Chief Product Officer at Waves Enterprise, ArtemKalikhov also explained the benefit and advantages of this technology. He stated that by combining business and private blockchains on the traditional databases, data reliability can be given a significant boost.
Kalikhov stated that adopting this technology might be the first phase or step towards the advancement in the crypto-blockchain space. For now, the technology revolves around combining blockchain infrastructures. The next step can be introducing the ability to trade or swap assets between the blockchains.
He also added that this technology will prove to be extremely beneficial for China. Because China is one of the countries that have strict protection laws in place for trade secrets.