The Hashgraph Group (THG) has announced the launch of TransAct – a pioneering and breakthrough solution that enables enterprises to build on the Hedera network without the need to touch cryptocurrency. By abstracting away the need for enterprises to manage digital wallets and gas fees, TransAct removes the primary compliance and operational barriers that have hindered large-scale enterprise adoption of distributed ledger technology (DLT) around the world. Developed by Swiss-based THG and offered as a fully managed service, with an enterprise-grade SLA and monthly invoicing of processed transactions in USD, TransAct enables enterprises and governmental institutions to execute transactions on the Hedera network without the need to hold HBAR or manage any crypto wallets. Importantly, while the wallet management is abstracted for simplicity and compliance, a signing wallet containing private keys is still needed for authorizing transactions, ensuring that enterprise clients retain full access and control over their processed transactions, network utilization, and signing keys.
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.
“With TransAct, we are removing one of the major barriers to enterprise adoption – the complexity and compliance risk of holding crypto and managing digital wallets” said Stefan Deiss, Co-Founder & CEO of The Hashgraph Group. “By providing an enterprise-grade transaction gateway to interact and transact on the Hedera network, we are enabling financial institutions, e-commerce platforms, technology firms, and other organisations to process digital transactions through our easy-to-use platform, while we take care of all the technical and compliance challenges in the background.”
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.
Micha Roon, Head of Engineering at THG, added, “TransAct allows organizations to execute their transactions on Hedera’s DLT without holding HBAR, streamlining compliance and eliminating any crypto accounting burdens. Clients always retain control over their private keys, with our gateway securely processing their transactions. Backed by our engineering expertise and enterprise-grade support, TransAct makes blockchain integration simple, safe, and fully auditable.”
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.