Hashgraph unveils HashSphere, a new EVM-compatible enterprise blockchain using Hashgraph tech

Hedera Hashgraph is taking another swing at enterprise blockchain with the launch of HashSphere, a private, permissioned network designed for institutions. The new blockchain, released in beta on Monday, offers a fully managed environment for enterprises that need to keep data private and comply with regulatory requirements.

HashSphere runs on Hedera’s EVM-compatible technology, enabling developers to build decentralized applications that are interoperable with the wider blockchain ecosystem while still maintaining the ability to restrict access to verified participants to ensure regulatory compliance.

“The Hedera public network is known for its transaction speeds, unmatched security and sustainability,” the company writes in a release on Monday. "However, for enterprises operating in regulated markets, public ledgers can present compliance challenges, in particular as it relates to KYC and AML rules."

In addition to compatibility with Hedera’s public mainnet, HashSphere offers a "fully managed service" including customer support and fully managed nodes. It can also tap Hedera’s existing "trusted services," including its Token Service for issuing and managing digital assets, Consensus Service for recording transactions with trusted timestamps and Smart Contract Service for deploying EVM-compatible dapps.

Hedera is pitching HashSphere to asset managers, banks and payment providers as well as other fintechs looking to get into the tokenization or blockchain payments space. The new private platform is being tested by customers including Australian Payments Plus, Blade Labs and Vayana.

Released in beta, Hedera is targeting a launch in the third quarter of this year.