IBM, Tata Become First Big Techs to Back Hedera Hashgraph Blockchain – CoinDesk


IBM and Indian telecom company Tata Communications have joined the governance council of Hedera Hashgraph, a public blockchain network for enterprises.

Now, eight of the 39 available spots for governing council members are filled, the network announced Monday.

“Our goal is to create the most decentralized governing body of any of the major public platforms,” Mance Harmon, CEO of Hedera, told Coindesk. “We’re covering multiple industries … and we’re wanting global coverage.”

Hedera claims its flavor of distributed ledger technology (DLT), which works differently than blockchains, can facilitate micropayments and distributed file storage, support smart contracts and will eventually allow private networks to plug into the public one to take advantage of its transaction ordering mechanism.

Binance Banner  

After three rounds of funding done through simple agreements for future tokens (SAFTs), Hedera has raised $124 million.

IBM is the first major tech company and Tata is the first Indian company to join the network. Some of the network’s other governing members include Japanese financial holding company Nomura,  Deutsche Telekom and law firm DLA Piper. At this point in the network’s lifecycle, council members are invited by Hedera to join and given fee income for running nodes.

Public-private partnership

IBM said it is most interested in how the public network interacts with private networks.

“The most exciting part is the proposed Hedera Consensus Service,” said Bryan Gross, principal offering manager of the IBM Blockchain Platform.  “It has the potential to provide the core innovation of proof-of-work blockchains, like bitcoin and ethereum, without the performance and privacy trade-offs that are typically associated with these networks.”

Since the Hedera Hashgraph is designed to unify public and private networks, IBM will use it to build trust in custom Hyperledger Fabric networks. (Big Blue contributed the Fabric platform to Hyperledger, an umbrella project for enterprise blockchains.)

“Hedera Consensus Service makes it possible for Hyperledger projects out there to use the service to put transactions in order and eliminate the need for them to stand up nodes for transaction ordering, and they get the trust model of a public network,” Harmon said.

Coinbase Banner  

Tata Communications, part of the Indian conglomerate Tata Group, could not be immediately reached for comment but said in a press release that it plans to use distributed ledger technology to improve operational efficiency.

Checks and balances

The addition of the two major firms will further decentralize Hedera’s governance, said Harmon.

That governance includes a system of checks and balances that are supposed to prevent power from being consolidated at the network.

Members of the council have equal say in approving updates to Hedera’s codebase and in setting policies for the network’s nodes.

Council members can serve a maximum of two consecutive three-year terms if two-thirds of the council agrees to let them continue.

FreeBitcoin Banner  

Hedera’s source code is open for review, but patented an arrangement intended to prevent forks.

Hedera Hashgraph booth at Consensus 2019, image via CoinDesk archives

Go to Source
Author: Nathan DiCamillo

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.