Information Technology
The Hashgraph Group Launches "TransAct" to Enable Crypto-Free Transactions for Enterprises
By removing such barriers to broader adoption, this unique and innovative solution built on Hedera enables crypto-free transactions, while eliminating compliance risks and reducing the complexities related to payments of network transaction fees ('gas fees'). Designed to simplify the management and payment of transaction fees on Hedera, TransAct offers a secure transaction gateway through a user-friendly interface and management dashboard, while leveraging the speed, scalability, and security of the Hedera network. TransAct is tailored for large enterprise implementations, ensuring compliance and the seamless integration of Hedera with mission-critical business applications.
By enabling businesses to interact and transact on the Hedera network without the need to buy or hold any crypto for payment of gas fees, TransAct also reduces the exposure to potential security risks related to managing digital wallets. Delivered as a managed cloud-based SaaS solution with an enterprise SLA that guarantees reliability, performance, and availability, all network transactions processed via TransAct are invoiced by THG in USD or other preferred traditional currencies. This makes transacting and interacting on the Hedera DLT network seamless for institutions around the world, who are restricted by their internal risk and compliance departments from purchasing digital currencies and/or operating digital wallets.
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Enterprises can benefit from a simple and intuitive management dashboard that provides real-time monitoring, visibility, and control of network transactions and spend. Developers can also access THG's open-source components that are being made available via Linux Foundation Decentralized Trust (LFDT) under "Project Hiero" to encourage community contribution, albeit specific enterprise features and functionalities will remain proprietary. TransAct is offered under a subscription-based model, aligning with today's enterprise needs for flexibility, predictability, and scalability. TransAct is a non-custodial managed solution, and while wallet management is abstracted for simplicity and compliance purposes, the ownership of private keys is retained by the client – ensuring continuous access, control, and auditability, over their network transactions processed on Hedera.
TransAct allows organizations to focus on their core business without dealing with complexities of gas fees and wallets. This launch also represents THG's latest product innovations for enterprises operating in the Web3 economy – a key milestone that further validates its corporate strategy to build business without barriers. TransAct is expected to accelerate broader adoption of Hedera by offering enterprises and governments a reliable and secure solution for processing transactions on Hedera. TransAct is part of the product suite under 'Hashgraph for Enterprise (H4E)' developed by The Hashgraph Group, which provides innovative and managed enterprise-grade solutions built on Hedera for businesses operating in the Web3 economy. For more information, interested parties can visit www.hashgraph-group.com .
The Hashgraph Group (THG) is a Swiss-based Web3 technology company that operates within the Hedera ecosystem, specialised in the design, development, and deployment of enterprise-grade solutions aimed at enabling enterprises and governments to adapt and compete in the Web3 economy. Operating globally with an experienced team of qualified and certified practitioners and engineers, THG is focused on building business without barriers through continuous technological innovation, unlocking new business and growth opportunities for its enterprise clients globally. For more information about The Hashgraph Group, visit www.hashgraph-group.com.
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