Please introduce your company and give a brief about your role within the company?
HashCash Consultants is a global software development company with a focus on emerging technologies such as Blockchain, AI, IoT, and Big Data. We work with enterprises across the globe to implement technology solutions that improve their bottom line. Our products and services cater to significant corporations and emerging startups alike. We have over sixty global banks that are part of the HashCash Network, HC Net. HashCash also has a robust partner network with successful collaborations with some of the biggest names in the industry.
As the CEO of HashCash, my primary role is to drive the strategic direction of the company and the industry at large. Besides my operational engagement in the company, I actively work with regulators in several geographies to create frameworks for businesses to flourish in the blockchain and cryptocurrency space. I engage with the International Standards Organization and various industry bodies to create global standards for interoperability and collaboration. As an industry leader, we view this as our responsibility to create an environment for all businesses in this space to succeed.
How does your company differentiate itself from the competition?
Ironically, we view collaboration as our priority over competition. Our emphasis on our Partnership Programs would speak to this. HashCash has created a global network of partners from Bangladesh to Nigeria, from the US to Russia, in 34 countries today.
In every engagement we have with a partner, our motto is to create value for them. We want them to win from the core of our strategy. Our open-source initiative with HC NET is another example where we opened up our codebase for developers and companies to create applications useful to their clients and customers. To drive the idea of collaboration, we avoid using the competitor internally when we refer to a company in the same space. We call them our Peer companies. We believe that this is the time when we should work together with our Peers towards further adoption of blockchain and cryptocurrencies to create a world without physical borders.
What industries do you generally cater to? Are your customers repetitive?If yes, what ratio of clients has been repeated to you?
Most of our clients are from insurance, banking, financial markets, gaming industry, supply chain, and investment management. We have had the opportunity to work with the public sector and governments in several geographies too. Almost all of our clients stick around with us for a long time.
Please share some of the services that you offer for which clients approach you the most?
HashCash has a wide range of services that cover new-age technologies like Blockchain, AI, IoT, and Big Data. Global banks and exchanges use the HashCash network, products, and services for cross border remittance, corporate payments, trade finance, and other payment processes.
We run the crypto exchange PayBito and payment processor BillBitcoins. Both products have white labeling and licensing options for enterprise clients. HashCash offers exchanges, payment processor software solutions, ICO services, and customized use case development.
We aid financial institutions with our HashCash core banking and commercial lending solutions. We offer a blockchain-based digital identity verification platform that helps in establishing, proving, verifying, and managing one's identity.
Which platform do you prefer to use when developing a blockchain application? Why?
HC NET is a decentralized blockchain protocol created by HashCash. In addition to HC NET, our services unit uses Ethereum, Bitcoin, EOS, Hyperledger Fabric, and a few other platforms as well.
What tech stack and tools do your developers use?
Our teams use a programming language such as Java, Node js, Go, Express, Web3.js, C++. PostgreSQL and Oracle are the databases that we use for our work. We also use elastic search and Redis. This is not an exhaustive list of technologies we use.
Are open-source, decentralized protocols going to be more significant than their web equivalent?
I think that the decentralized protocols and will replace most of what we know on the web today. Blockchain technology will create a more trusted internet environment. The creation of authentic identities through the blockchain validation process will make identity forgery cost-prohibitive. The payments ecosystem will be revolutionized to a much smoother, easier, and cost-effective one.
We would also see decentralized protocols created on top of the existing web protocols and coexistence of both.
What are scalability and throughput challenges there with blockchain? What solutions would you suggest?
There are consensus mechanisms at work that solve the scalability issues today.
For example, instead of proof of work or proof of stake HashCash’s blockchain network, HC Net uses FBA or Federated Byzantine Agreement for consensus. FBA can come to consensus in 2-5 seconds, and the network can process over 3,000 concurrent transactions.
Implementation of micro ledgers on top of the central ledgers has helped us achieve significant scalability. We have also used Edge computing to create highly scalable networks.
Bitcoin network uses proof of work, where the consensus is significantly slower. But the Bitcoin network can be considered primitive among blockchain networks.
Will the success rate of ICOs be better or worse than tech startups?
It is difficult to say whether the success rate of the ICOs will be better or worse. I think that we are on the threshold of a new future where tech startups would raise money through ICOs in a regulated environment. The conventional money-raising practices will morph into something more in the line of blockchain technology, making the entire process more transparent. ICO will grow into a mainstream way of money raising for sure; however, more than one method would co-exist.
Today, we have crowdfunding as well as venture capital and private equity. Blockchain-based funding methods and ICOs will co-exist and add to the arsenal of money-raising techniques for tech startups.
What are the key factors that you consider before deciding the cost of a project?
For our out-of-box offerings, our sales team has a matrix of saving features in our sales system. The client can choose from the available features, and the system generates a price as per the feature choices.
For Bespoke software applications, we first gather the necessary information and resources. It is a comparatively elaborate process and does not involve instant quote generation. Our teams visit client sites to analyze their IT infrastructures and review documentation of their existing processes. The level of customization plays a significant role in deciding the cost of Bespoke projects.
What kind of payment structure do you follow to bill your clients?
Broadly, our offerings come in three categories:
• Application sales: We offer perpetual, monthly, and yearly Application licenses for all our applications.
• Application + on-premise hardware sale: We offer a complete hardware/software solution for our clients, charged at either yearly or on a subscription basis.
• Application + Cloud sale: We offer a complete hardware/cloud solution for our clients, charged on a subscription basis.
What is the price range (min and max) of the projects that you catered to in 2018?
HashCash offers a wide range of technology products and services. The smaller service projects could range at USD 5,000, whereas the larger enterprise projects could go to 1 million or over.
Kindly share your feedback on how Goodfirms has been doing so far in increasing your visibility among potential clients.
We think Goodfirms is the research and advisory firm with a highly trusted methodology and evaluation matrix to analyze the positioning of technology companies and rate them based on defined criteria, strengths, and weaknesses.
