FIS Global And Boeing Join Hedera Hashgraph’s Governing Council

Many big-name companies are moving into partnerships with blockchain-based firms as the new age technology grows in application and popularity by the day. Many industries consider blockchain technology as the basis for their future operations and ways of doing business.

Hedera Hashgraph is one blockchain company that is attracting the attention of some big-name firms from various industries. Hedera provides a blockchain-based public network for enterprises. The decentralized public network allows any user to create their own cyberspace through which they can perform transactions, create smart contracts, and create a file system among a host of other applications. Each enterprise can create personalized cyberspace through Hedera Hashgraph

Big-name Brands Come on Board

The public network is run by a governing council that is comprised of companies from several different industries. Each of these companies come on board and provide expertise from their field of practice, and this gives Hedera a wide range of applications that it could accommodate.

On the 29th of August, 2019, Hedera announced that FIS Global would be joining the public network’s governing council. The American financial giant becomes the 9th addition to Hedera’s 39 member governing council.

After the announcement of FIS Global’s joining of Hedera’s governing council came that of Boeing. The world’s largest aircraft manufacturer has also joined the blockchain firm’s governing body, becoming the 10th addition to the body.

Some of the other companies that are already on the council include Tata Communications (India), IBM (US), Deutsche Telekom (Germany) and Nomura Holdings (Japan), among other companies on the council. These council members are from different industries and different countries across the world.

Leemon Baird, chief scientist, co-founder and inventor of Hashgraph’s algorithm said that they aim to make sure that the initial members of the council are from different industries and different countries to ensure that there is diversity on the body.

Hedera Hashgraph

The blockchain startup says that have developed a distributed ledger technology which can be used to facilitate micropayments, support smart contracts, and promote the distribution of file storage. Companies that have a private network can connect to Hedera’s public decentralized network and make use of the transaction processing system provided on it. At the network’s launch, Hedera said that their network could process up to 10,000 transactions per second and the file services can take up to 10 transactions per second.

All the council members will be in charge of a node on the Hashgraph network, and they will be responsible for running that node. When the network’s open access is launched in September, each one of the council members will be able to use Hedera Consensus Service, which gives the members access to the public network’s transaction ordering system.

Hedera Token Sale

Hedera plans on distributing its HBAR roles over the course of 15 years. As it stands, the blockchain company has raised $124 million in three rounds of fundraising. Hedera employed a simple agreement for future tokens (SAFT) framework for the three rounds of token sales that have been executed to date.

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Author: Ali Raza

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