IBM, Tata join Blockchain Tech Governing Council of Hedera

IBM, Tata join blockchain tech governing council Hedera

IBM and Tata Communications has joined the governing council of the Hedera, Reuters first reported. The council governs the usage of the Hedera HashGraph distributed ledger platform.

Hedera HashGraph is a decentralized public blockchain platform. The Hedera network's governing council consists of leading global enterprises, across multiple industries including from the fields of telecommunications, technology, financial services, law, and retail sectors.

The distributed ledger platform offers secure and fast infrastructure to run decentralized applications.

Executive Opinion

Hedera HashGraph Co-Founder and Chief Scientist, Leemon Baird, said, "The members of the governing council are the actual owners of the company. They aren’t just advisers. They are Hedera. Hedera is an LLC (limited liability company) that is split 39 ways — 39 companies own it, control it, and make all the decision."

Vice President of Blockchain Technologies at IBM, Jerry Cuomo, 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."

The Hedera Governing council

Hedera's council members are expected to serve a maximum of two consecutive 3-year terms and act as a steward of the platform.  The current six members include Deutsche Telekom, DLA Piper, Magazine Luiza, Nomura, Swirlds, Swisscom Blockchain. With IBM and Tata communication joining the council, the council will have eight members.

The governing council for the blockchain technology includes the 39 multinational entities from different industries. All the members will be going to have an equal say in approving the latest updates to the policy and codebase for the platform along with setting the policies for the nodes participating in Hedera’s decentralized network, said the announcement.

Hedera’s governance model aims to protects users by ensuring no-fork guarantee and committing to making the source code open for review.

Funded by the Hedge Fund BlockTower Capital, Hedera secured $124 Million in the August 2018 amid a slumping cryptocurrency market.

Hedera plans to open the platform to the public later in the summer, notes the report.

P.C: Pablo, Unsplash

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Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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