- Hedera Hashgraph, a decentralized ledger technology creation project, has formed a formal collaboration with IBM.
- The “Tech Preview” initiative aims to increase connectivity between private and public chains.
- As the relationship grows, Hedera and IBM will co-sponsor an interoperability webinar on the 30th of this month.
IBM stated that it is most interested in how the public and private networks connect. IBM and Tata Communications, Indian telecommunications firms, have joined the governance council of Hedera Hashgraph. It is a blockchain-like public network for enterprises. IBM was the first global technology company to join the network. Tata was the first Indian company.
The strategic alliance between the private and public sectors
Nomura, a Japanese financial holding group, Deutsche Telekom, and DLA Piper, a law firm, are among the network’s other controlling members. Hedera allows council members to participate at this stage in the network’s lifecycle and pays them a fee for running nodes.
It can integrate the core innovation of proof-of-work blockchains like bitcoin and ethereum without the average performance and privacy trade-offs associated with these networks”.
IBM can use the Hedera Hashgraph to create confidence in custom Hyperledger Fabric networks since it is built to unify public and private networks. “Hedera Consensus Service enables Hyperledger projects to use the service to place transactions in order, removing the need for them to stand up nodes for transaction ordering, and they get the confidence model of a public network,” Harmon explained.
Tata Communications, which is part of the Indian conglomerate Tata Group, could not be reached for comment immediately but said in a statement that it plans to use distributed ledger technology to increase operational performance.
Hedera is paying attention to secure coins and non-fungible tokens (NFTs).
Hedera has been looking at increasing demand for interoperability, particularly in the CBDC and stablecoin areas, even before the IBM partnership. He created a stable coin platform in 2020 that used both private chains and Hedera’s decentralized technology, HCS. Quantstamp, which is known for auditing well-known projects like Ethereum 2.0, was in charge of the audit.
The NFT market, which is currently attracting interest, is expected to use technology based on private chains and HCS when transforming assets that require privacy, such as real estate, financial products, and insurance policies, into NFTs.
In 2019, the “Governing Council,” which oversees Hedera’s decentralized governance, saw a rise in the number of companies and organizations involved in asset tokenization, such as CBDC, secure coins, and NFTs. It’s fair to say that Hedera’s involvement in this area is rising.
Standard Bank is currently developing and running four blockchains on an IBM blockchain network that is private and approved. Auditability, network extension, and large numbers of participants would all be feasible with a combination of public and private.