The Hashgraph Group (THG) has launched TransAct, a new solution aimed at streamlining transactions for companies and governments seeking to leverage the Hedera network without dealing with cryptocurrency or digital wallets. This innovative product aims to address common challenges hindering enterprise adoption of distributed ledger technology (DLT).
TransAct: A Simplified Approach
TransAct removes complexities associated with managing cryptocurrencies like HBAR, including wallet custody and paying network fees. The solution abstracts these processes away, allowing clients to manage transactions through a fully managed SaaS gateway that invoices in USD. This eliminates the need for users to worry about digital wallet management, gas fee payments, or cryptocurrency exposure.
Real-Time Control and Enterprise-Level Security
TransAct delivers real-time control over blockchain infrastructure and provides enterprise-level uptime security without the typical crypto hurdles. The product is specifically designed to assist organizations struggling with internal compliance regulations that prohibit direct involvement with digital assets. It enables financial institutions, e-commerce platforms, technology companies, and other businesses to process transactions on the Hedera network through an easy-to-use platform while THG takes care of technical and regulatory complexities in the background.
Open Source Components for Developer Collaboration
While TransAct offers a full-featured solution for enterprise clients, The Hashgraph Group also releases open source components under Project Hiero via the Linux Foundation’s Decentralized Trust initiative (LFDT). This allows developers to leverage existing components while incorporating proprietary features exclusive to enterprise subscribers.
Hedera’s Advantage: Eliminating Crypto Headaches
TransAct stands out by providing blockchain infrastructure without requiring HBAR custody, eliminating crypto accounting headaches and compliance red tape for businesses. The product positions Hedera as an alternative solution that offers real-time functionality and regulatory clarity for institutions navigating the intricacies of Web3.
A Clear Niche in the Enterprise Space
As institutional adoption of blockchain technology continues to grow, TransAct provides a distinct advantage by removing the complexities associated with cryptocurrency management and compliance risks. This specialized platform caters to risk-averse organizations looking to engage with Hedera’s robust infrastructure without encountering traditional crypto obstacles.
Conclusion
The launch of TransAct signifies an important step forward in streamlining blockchain transactions for large businesses, eliminating the need for extensive cryptocurrency knowledge and ensuring regulatory compliance. By simplifying the process and removing inherent barriers to adoption, THG empowers enterprises to leverage the benefits of Hedera’s powerful infrastructure without the complexities of managing cryptocurrencies.