After Reliance, Tata Communications Gets into Blockchain Technology
The public decentralised public blockchain, Hedera Hashgraph announced the addition of two powerful endorsements. IBM and Tata Communications have now joined its governing council on August 12th. Hedera Hashgraph is a decentralised public blockchain for building decentralized applications.
The Hedera governing council can consist of thirty-nine multinational entities, and each body has a three-year contract to serve at the maximum. These entities are held responsible for eliminating the risks of force and also guaranteeing the integrity of the codebase. The members of the governing councils are believed to be the actual owner and are involved in every decision. Also, the commission has a member from each area that includes telecommunications, retail, law, financial services
The CEO of Hedera Hashgraph Mance Harmon said, “The addition of IBM and Tata Communications to the Hedera Governing Council is a powerful endorsement of the hashgraph consensus mechanism, and further decentralizes the governance of Hedera Hashgraph. Our governance model, which includes a robust system of checks and balances, ensures power can’t be consolidated, while at the same time providing a stable and scalable platform on which developers can build.”
The Blockchain Technologies Vice President of IBM said, “We are excited to join the Hedera Governing Council and explore relationships between public networks and industry-specific networks. Hyperledger has proven to be the de facto standard enterprises use to build, manage, and deploy blockchain-based ledgers. We believe Hedera could help provide an interesting way to enhance and simplify the deployment of Hyperledger Fabric in the enterprise, making it easier for groups to build and grow their networks.”
Global Head of Corporate Venturing and Innovation at Tata Communications, Ankur Jindal said, “innovations such as DLT, AI, and IoT change the way organizations, and people interact with each other and with the world. These emerging technologies can be harnessed to strengthen our efforts to improve operational efficiencies and enable our customers’ digital transformation worldwide. We look forward to engaging with other forward-looking businesses on the Hedera Hashgraph Governing Council to help deliver the potential of DLT to the wider digital economy.”