Pioneering Experimental demonstration of Blockchain Technology integrated PaySHA Digital Commerce Platform by Hashkloud Pty Ltd, Australia

Announcement posted by Hashkloud Pty Ltd 01 Dec 2016

Successful proof of concept demonstration of Blockchain technology integrated cross border remittance

Hashkloud Pty Ltd, a Blockchain technology focused Fintech start-up based in Sydney, Australia recently demonstrated their payments / remittance platform to a leading bank in Bahrain, where some Bahraini Dinar (BHD) converted to BDT (Bangladesh Taka) was transferred to a digital cryptographic BDT wallet account. A further demonstration was showcased where partial funds was withdrawn as cash from the Taka wallet. The platform, called PaySHA^TM Digital Commerce Platform is integrated with Bitcoin’s Blockchain – one of the most advanced cryptographic distributed ledgers available in the world.

The POC (Proof of Concept) was successfully conducted by Hashkloud on Nov 13, 2016 in Manama, Bahrain. Three teams of HashKloud coordinated the POC from Bangladesh, Bahrain and Malaysia. Hashkloud is now looking for few banking partners in Bangladesh & elsewhere to discuss and potentially performing real remittance transactions using their PaySHA^TM Digital Commerce Platform.

Tarique A Bhuiyan, Founder, Chairman & CEO of Hashkloud Pty Ltd, Australia said “the rapid pace of change in the digital world requires a rethink of security and identity. In particular, banks and financial institutions need to have systems to ensure payments and services are linked with identity to safeguard their own customers from online impersonation based fraud threats. We in Hashkloud have come up with a solution for that. PaySHA^TM platform is built on top of Hashkloud’s existing Blockchain-integrated Digital Know Your Customer (KYC) and Digital Verification of Identity (VOI) platforms, ensuring the linkage between payments and identity. Our platform creates a secure, traceable, one-way fingerprint of the hash of a collection of payments data related to the payment transaction and the beneficiary of that transaction. These hash values are stored on the Blockchain, which cannot be modified, reverse engineered or tampered with, resulting in watertight security and tracking features.”