eftpos and Hedera Hashgraph feature at Blockchain Week 2021

In Australia’s first-ever national Blockchain Week, eftpos’ Ben Tabell and Rob Allen were joined by Hedera’s CEO & co-founder Mance Harmon, to discuss eftpos and the potential benefits that Enterprise Grade Distributed Ledger Technology (DLT) brings to for Australia’s Digital Economy.

As a third-generation DLT, Hedera Hashgraph aims to solve for a number of issues encountered by earlier generations of blockchain technology including scale, security and performance.

Since mid-2020 eftpos has been collaborating with Hedera on a successful micropayments proof-of-concept, and now as a Hedera Governing Council member, eftpos will soon run Australia’s first Hedera network node and help shape the digital assets landscape in Australia.

On the Hedera Governing Council, eftpos is joined by a group of well-respected and diverse organisations including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Standard Bank, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.

The Council members which are decentralised across geography, industry and time, in addition to a focus on regulatory compliance, contribute to building the trust layer for the internet.

Designed to be the most decentralised governance model for a public ledger, the Hedera Governing Council oversees a global network of nodes that aims, among other things, to enable low-cost micropayments for a range of use cases such as the Internet of Things (IOT) microtransactions and access to content streamed over the internet.

The relationship with Hedera is part of eftpos’ digital strategy, as we increasingly move into the Digital Economy, with online capability and other services such as digital identity and mobile wallets.

Australia’s Digital Economy future state is potentially very different from the one we have today, so this requires effort to envisage the issues and needs in the long term.

As a national payment provider, eftpos needs to be informed by experimentation and innovation, so we are not just for here for the present, but importantly also for the future.

Looking into the near-term future, enabled through DLT, the use cases need to be scalable, secure and facilitated at a very low fixed cost. With this infrastructure in place, we will open entirely new business models.

This is a natural extension of the eftpos payments network that we operate on, focused on facilitating low cost commerce for Australia.

Working closely with companies and applications such as Hedera and the other Council members, eftpos is planning for the next chapter in the payments evolution, and more ways to deliver a secure, transparent and digital ready future for Australia.