Purpose Built for Highly Regulated Enterprises, HashSphere Empowers Users to Develop Innovative Financial Products on a Secure and Compliant Blockchain
Hashgraph unveils HashSphere, a private, permissioned blockchain built with Hedera technology. HashSphere offers enterprises a flexible DLT solution that grows with their needs. Currently in beta, HashSphere delivers the security, compliance, and interoperability required for enterprises to utilize DLT while meeting the demands of today’s regulatory landscape.
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The Hedera public network is known for its transaction speeds, unmatched security, and sustainability. However, for enterprises operating in regulated markets, public ledgers can present compliance challenges, in particular as it relates to KYC and AML rules. HashSphere delivers the best of both worlds—a private, permissioned network that ensures regulatory compliance, privacy, and control by restricting access to verified participants, with future interoperability with Hedera’s enterprise-grade public network.
Andrew Stakiwicz, Head of Solutions at Hashgraph, commented, “From the start, the vision for Hedera has been to create ‘shared worlds’—interconnected networks where enterprises can leverage the power of DLT without compromising privacy or control. HashSphere brings this vision to life. After more than a year of research and development, our team—comprised of industry experts in finance, technology, and blockchain infrastructure—designed HashSphere to remove the barriers that have historically hindered enterprise adoption.”
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Current private DLT solutions face significant challenges, including vendor lock-in, single points of failure, along with limited flexibility and scalability. Alternatively, public chain subnets introduce security risks by relying on anonymous node validators with little in the way of data protections. Layer-two solutions typically offer scalability by compromising on finality and overall security. HashSphere addresses these issues by combining the benefits of Hedera technology with the privacy and control of a private, permissioned network.
Key Benefits of HashSphere:
- Interoperability: Future-native compatibility between private networks and the Hedera public network, ensuring flexibility and scalability.
- Fully Managed Service: Customer support, low operational costs, and fully managed nodes, reducing IT complexity and overhead.
- Scalable and Secure: Build and scale digital assets, tokenization, and AI solutions in a secure, enterprise-grade environment.
- Data Privacy & Governance: Achieve stringent data privacy requirements and set up the governance necessary to meet industry regulations and prepare for future decentralization.
- EVM-Compatible Development: Empower developers to build applications and smart contracts using Solidity and other Ethereum Virtual Machine (EVM) languages, with the ability to seamlessly deploy decentralized applications (dApps) from other EVM private networks.
HashSphere is designed to meet the diverse needs of customers across industries, including asset managers, banks, and payment providers seeking secure, low-cost cross-border transactions with stablecoins. Fintechs can leverage HashSphere to develop innovative financial products involving asset tokenization, AI governance, and automated workflows. Additionally, financial services firms can use HashSphere to enable real-time payments, asset tokenization, and post-trade settlement on a secure, private network.
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Rob Allen, who leads Future Payments (Web3) strategy at Australian Payments Plus, Australia’s national payments scheme operator and beta customer of HashSphere, commented, “We’re exploring the future of digital money where it impacts our members, stakeholders and regulators. As a Hedera Governing Council member, we are interested in HashSphere primarily for its enhanced privacy and regulatory compliance, while also needing network interoperability for the seamless and transparent interchange of stablecoins between public Hedera and private HashSphere, and other Layer1 protocols.”
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Powered by Hedera technology, HashSphere integrates with Hedera’s trusted services, including the Token Service for issuing and managing digital assets, the Consensus Service for recording transactions with trusted timestamps, and its Smart Contract Service for deploying EVM-compatible decentralized applications. It also supports the creation of stablecoins and asset-backed tokens, offering enterprises a full suite of tools to build and scale their blockchain solutions.
Hashgraph is currently working with early beta partners, including Australian Payments Plus, Blade Labs, and Vayana, while also onboarding additional users.
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Source – Businesswire
