HashCash is the creator of Blockchain based financial applications that handle Retail Remittance, Corporate Payments, Trade finance, and Foreign Exchange trading. The company was founded in 2015 and is registered in Fremont, California.
The applications are used by Banks, Corporates, Currency exchanges, Domestic Payment Networks and FinTechs in Australia,
The products operates on HashCash Blockchain network which uses HC NET payment protocol.
HC NET is built upon a distributed open source protocol, federated byzantine agreement consensus and HCX native digital asset that allows for secure instant exchange of value on the network.
The company is part of the International Organization for Standardization (ISO) committee created to establish Blockchain standards for interoperability of global Blockchain platforms, and other industry bodies.
HC Remit is blockchain remittance application software used by banks, foreign exchange companies and money transmitter organizations to do remittances in near real-time Asset and currency movements are transacted and recorded on a blockchain distributed ledger that uses open source communications protocol. This allows for near real-time reconciliation among the counterparties of the financial transaction. The product replaces conventional financial messaging systems such as SWIFT with blockchain enabled secure messaging. It reduces the cost of record keeping for auditing purposes.
HC Corporate Payment
HC Corporate Payment is a Blockchain based software application used by financial organizations for managing the financing of trade activities of their corporate clients. The modules of the application handle trade finance related to a letter of credit, bank guarantee, pre-shipment loan and purchase order financing.
It allows for near real-time sharing of documents and reconciliation and automates business process through smart contract implementation.
HC Market Maker
HC Market Maker as a Foreign exchange and digital asset trading platform and marketplace for enterprises. Currency exchanges and Banks use to either place offers to the market or to consume offers and gain access and liquidity in geographies where they do not have nostro account relationships.
HC Commerce is a payment-processing platform built using blockchain technology. It is offered to acquiring banks to onboard merchants for e-commerce and point of sale payment processing. This product is a parallel to conventional payment-processing platforms offered by First Data or Heartland Payment Systems to acquiring banks for cards processing. Use of blockchain technology allows removal of intermediaries such as Visa Inc., MasterCard, JCB Co., Ltd. and other card associations and reduces transaction cost of processing payments.
Additionally, a conventional payment processor goes through the steps of authorization hold, capture and settlement and typically takes T+3 for the customer payment to reach the merchant. In a blockchain based payment processor, payment from customer to merchant are settled in real-time. Blockchain based distributed ledger technology leaves an immutable trail of transactions and reduces credit card fraud and chargeback disputes.
HC NET (Protocol)
HC NET is a distributed open source protocol that runs on a decentralized network. The power to transmit information is distributed among a network of servers, instead of being driven from one primary source. The network is independent of multiple entities and work on a single entity. Many independent servers participate in the network so that the network will run successfully even if some servers fail.
The network ledger records lists of all the balances and transaction in a similar way to that of traditional ledger. A complete copy of the individual ledger is hosted on each server that runs HC NET. Any entity can run a HC NET server. The servers all together forms a decentralized network, allowing the ledgers to be distributed as much as possible. The servers sync and validate the ledger by consensus mechanism.
The servers communicate and sync with each other to ensure that transactions are valid and get applied successfully to the global ledger. This entire process of coming to consensus on this network occurs approximately every 3-5 seconds, which is a near real-time settlement of the assets.
The real-time settlement occurs with any of the assets present on the Blockchain network. The assets can be the HC NET Native Digital asset, HCX, fiat Currencies such as USD and EUR, Crypto currencies such as BTC, ETH and Central bank issued digital assets.
HCX (Native asset)
HCX forms the native assets on HC NET. Asset is defined as an item value that is stored on the ledger. One HCX forms the unit of digital currency like any other digital currency such as Bitcoin. HCX forms the medium to move money around the world and to construct transactions between different currencies quickly and securely. HCX is further fragmented at the base level in units called JOTs.
A JOTcan be defined as the one -tenth million of HCX, i.e., 10 millionth of HCX equals to a JOT. HCX broadly serves two purposes. HCX will play a small anti-spam role. Each transaction on HC NET costs a minor fee of 0.0001 HCX associated with it. The fee is levied to prevent users with malicious intentions to flood the network.
HCX works mostly as a secured token, mitigating attacks which attempt to generate large numbers of transactions or consume large data space in the ledger. Additionally, the HC network requires all accounts to hold a minimum balance of 20 HCX. This requirement ensures that accounts are genuine and facilitates the network to maintain a seamless flow of transactions. HCX also facilitates multi-currency transactions. HCX sometimes facilitate trades between pairs of currencies between which there is not a large direct market, acting as a bridge. This function is possible when there is a liquid market between the HCX and each currency involved.
The HC NET is free to use. Transaction cost on HC NET platform is nominal. HC NET held 100 billion HCX at its root account initially. HCXs are allocated to different exchanges across geographies. When a transaction is initiated on the HC NET using HCX, the transaction draws HCX from HC NET, leaving the transaction fee in terms of JOT to HC NET platform. HCX can be used in banks, currency exchanges, Corporate houses and wallet providers, payment service provider, E-commerce merchant icon. Banks can do cross-border settlements in real-time at a lower cost without the need for locking funds in Pre-funded Nostro Accounts.
HCX manage liquidity efficiently, settle funds in real-time for their customers and help discover new remittance corridors. PSPs can operate on the network without the need for an acquiring bank. HCX assists e-commerce merchants in cutting down the cost of receiving payments considerably and receive money instantly.
Digital asset exchange
HashCash has a crypto-currency trading wallet, PayBito that allows consumers to trade in major currencies such as Bitcoin and Ethereum. PayBito is a BIPS compliant secure multi-sig wallet that ensures anti-money laundering and know your customer verifications of both sender and receiver before authorizing the transaction.
BillBitcoins is a payment processor offered to e-commerce merchants to bill their customers in Bitcoin. The processor converts Bitcoin received by the merchant in to fiat money at the spot contract rate and transfers it to the merchant's account in their preferred currency. It protects the merchant from the volatility of Bitcoin prices and allows for lower processing fees possible in a peer-to-peer payment network.
The product has not been popular in the US market where it was launched.
White label solutions
HashCash website says that it offers white label versions of BillBitcoins and PayBito to banks and other organizations interested in offering their customers cryptocurrency based wallets, trading platforms and payment processors.
- In July 2017, HashCash announced that it joined the Enterprise Ethereum Alliance to advance the standardization of Ethereum for enterprises.
- In August 2017, HashCash announced the appointment of prominent blockchain expert Raj Chowdhury as Managing Director of the company.
- On January 11, 2018 the collaboration with Alfa-Bank was announced.
- On January 24, 2018, the collaboration with Commonwealth Bank was announced.
- On February 12, 2018 the collaboration with Deutsche bank was announced.
- On February 14, 2018 HashCash announced that HCX which was only available for institutional purchase earlier will now be available for public purchase March 1 onwards.