The HashCash Blockchain network HC NET enables enterprises to move assets and settle payments across borders in real-time using Blockchain technology. The network uses the native digital asset HCX to conduct transactions quickly and securely. Every operation on the network consumes a small amount of HCX.
HCX was available only for institutional purchase last year. It will now be open for individual purchase starting March 1.
The California based company has partnered with multinational banks, currency exchanges, corporations and payment networks to facilitate retail remittances, cross border corporate payments and trade finance activities through its blockchain network HC NET.
According to a source, the company is also hosting a blockchain consortium of diamond merchants and a consortium of insurance providers on HC NET.
The Diamond merchants are using the network for tracking the provenance of diamonds though their supply chains and settling payments. The insurance consortium is experimenting with smart contract automation in processing claims and preventing fraud.
A more comprehensive list of financial organizations on HC NET is available on HashCash partners page.
This year HashCash and a few of its Banking partners have come out and made joint announcements of their collaborations.
Alfa-Bank, Russia’s largest Commercial Bank, earlier declared that it partnered with HashCash to set up a Domestic Payment Ecosystem on HC NET. German Banks such as CommerzBank also joined the network for Blockchain based cross-border payments.
HashCash MD, Raj Chowdhury last year led the International Organization for Standardization (ISO) initiative to create interoperability standards for major blockchain platforms.
At the time of writing this article, the network asset showed a 24 hour trading volume of USD 40 million.
The live network and HCX asset performance is available in public domain.
The network also publishes a blockchain explorer which shows the transactions happening on the live and test network in real-time.
HCX can be purchased by downloading the mobile app Paybito. Paybito is a multi-signature wallet and a crypto exchange that uses bank level security features to protect user from hacks.
HCX will be made available to Android users and can be purchased with USD and INR. Crypto traders in other countries can send Bitcoins from their wallets to the paybito app and purchase HCX using Bitcoins.
“The universal utility of HCX drives its demand on the network. HCX will be available in all major exchanges of the world in the next few months”, said Raj Chowdhury, MD of HashCash and a well known figure in the blockchain world.