Australian Largest Bank Commonwealth Cooperates With HashCash For Blockchain Transactions

Australia’s Commonwealth, HashCash Consultants and California based Blockchain company are working to facilitate instant cross-border settlement for customers.

Commonwealth is one of the four biggest Australian Banks along with Westpac, ANZ and National Australia Bank.

This year it would be the fifth of the major win for HashCash’s network.

The report says that this year HashCash had added Russia’s largest Alfa-Bank, India’s YES Bank and Federal Bank, New Zealand based, LatiPay and UAE’s largest currency exchange, UAE Exchange to its Blockchain network.

The recent additions to HC NET positions HashCash alongside Ripple which is also making waves in revolutionizing the world of payments.

The main differentiator in case of HC NET is that the Blockchain platform offers complete transactional privacy to banks, at the same time multiplying validator nodes securing a transaction.

Another area where HC NET seems to score is in the flexibility it offers to a bank in choosing its own set of nodes that would validate its transactions.

Whereas, Ripple, publishes a “starter” membership list that network banks can edit for themselves, with the hope that their edits are either inconsequential or is reproduced by an overwhelming fraction of participants. However, because lists with ill behaved nodes invalidate safety guarantees, Banks are usually reluctant to edit the list in practice. A great deal of power therefore ends up concentrated in the maintainer of the starter list.

A “starter” membership list is published by Ripple, hoping that edits are inconsequential and reproduced by an overwhelming fraction of participants. Banks are usually reluctant to edit the list in practice. HashCash MD, Raj Chowdhury said:

“In HC NET, each node is enabled to chose its own quorum slice set. System-wide quorums thus arise from individual ecisions made by each node”.