The hashgraph, formerly known as the Swirds Labs, launched the hashsphere – a private, allowed distributed by the Ledger Technology (DLT) network developed to Hedera.
Currently in its beta phase, the hashsphere aims to provide businesses with a scalable and secure DLT solution that aligns with strict regulatory requirements while ensuring interoperability on public networks.
Bridging gap between public and private DLTs
The Hedera Public Network has gained acclaim for high speed transaction, unmatched security, and maintenance. However, businesses operating in regulated sectors often find compliance challenges when considering public ledgers, especially about KYC and AML regulations.
HashSphere addresses these concerns By offering a private, allowable network that prevents access to proven participants, thus ensuring compliance, privacy, and control. Moreover, it is designed for future interoperability to Hedera’s Enterprise-Grade Public Network, which effectively delivers the best in both worlds.
Andrew Stakiwicz, head of hashgraph solutions.
“After more than a year of research and development, our team -has provided experts in the financial, technology, technology, and infrastructure of the blockchain -designed by the hashsphere to eliminate historical barriers that counteract business adoption,” Andrew said.
Responding to Enterprise’s DLT challenges
Traditional private DLT solutions are injured by issues such as vendor lock-in, single failure points, and limited flexibility and scalability. On the other hand, public subnets have introduced security risks by relying on an unidentified node validator with minimal data protection. Layer-Two solutions often achieve scalability at the cost of end and general security. The hashsphere aims to overcome these challenges by incorporating the benefits of hedera technology with privacy and controlling the inherent in a private, allowable network.
HASHSPHERE BENEFITS
- Interoperability: The hashsphere is designed for folk compatibility between private networks and the hedera public network, ensuring flexibility and scalability for businesses as their needs are emerging.
- Fully managed services: Businesses can benefit from comprehensive customer support, reduced operating costs, and fully managed nodes, thus reducing complexity and overhead.
- Scalable and Secure: The hashsphere provides a safe, environmental grade enterprise for developing and scaling digital assets, tokenization, and AI solutions.
- Data Privacy & Governance: The platform allows businesses to meet strict data privacy requirements and promote the necessary management frameworks to comply with industry regulations and prepare for future decentralization.
- Development compatible with EVM: Developers can develop applications and intelligent contracts using solid and other Ethereum Virtual Machine (EVM), facilitated seamless expansion of decentralized applications (DAPPS) from other EVM private networks.
Industry Applications and early adoption
The hashsphere is customized to meet the different needs of different industries. Asset managers, banks, and payment providers can use the platform for safe, cheap cross-border transactions involving stablecoins. Fintech companies can leverage the hashsphere to produce innovative financial products that cover asset tokenization, AI management, and automatic workflow. In addition, financial services companies can use the platform to enable real-time payments, asset tokenization, and post-trade settlement within a safe, private network.
Rob Allen.
“As a member of the Hedera Council management, we are interested in the hashsphere especially for improved privacy and regulatory compliance, while also requires network interoperability for seamless and transparent exchange of stablecoins between the public hedera and private hashsphere, and other Layer1 protocols,” Rob said.
Integration with Hedera’s trusted service
Powered by Hedera Technology, seamless hashsphere with Hedera’s Suite of Trusted Services, including:
- Token service: facilitates the release and management of digital assets.
- Consensus Service: Record transactions with trusted timestamps.
- Smart Contract Service: Enables deployment of applications compatible with EVM.
In addition, the hashsphere supports the creation of stablecoins and asset -supported tools, providing businesses with a comprehensive toolkit to develop and measure their blockchain solutions.
A strategic move to the emerging blockchain scene
The introduction of the hashsphere represents a strategic initiative through the hashgraph to serve businesses seeking DLT’s benefits while adhering to compliance with regulation and maintaining operating control. By offering a private, allowable network with the potential for future interoperability to public networks, the positions of the hashsphere itself as a versatile solution to the emerging blockchain scene.
While businesses continue to navigate the complexity of digital transformation, solutions such as the hashsphere whose balance of compliance change is likely to play an important role in the widespread adoption of blockchain technology in various sectors.
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Image credits: : Hashgraph