IBM, TATA join Hedera Hashgraph’s governing council

Hedera Hashgraph is a distributed public ledger platform that aims to be faster and runs at a larger scale than current blockchain technologies.

According to a top official from Hedera Hashgraph, a distributed public ledger platform that aims to be faster and runs at a larger scale than current blockchain technologies, India’s Tata Communications along with International Business Machines Corp, have joined its governing council.

Hedera Hashgraph, which has the backing of Digital Currency Group and hedge fund BlockTower, had raised $124 million in August 2018 midst a slump in the cryptocurrency market.

Although crypto currencies, as a whole, took a hit from intense global regulatory scrutiny in 2018, it didn’t stop companies from further developing the underlying technology behind digital currencies – blockchain. The prices of cryptocurrencies have made a huge comeback this year led by bitcoin, which has soared more than 200% this year.

According to Leemon Baird, Hedera’s co-founder and chief scientist, the company’s governing council is crucial to its success.

Hedera aims to have 39 members in its governing council, which includes Deutsche Telekom AG, Nomura Holdings Inc, apart from IBM and India’s Tata.

“All members of the Hedera governing council have equal say in approving updates to the Hedera platform codebase and in setting policies for the many nodes that will constitute Hedera’s decentralized network.” said Baird.

He went on to add, “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.”

Council members serve a maximum of two consecutive three-year terms and act as stewards for the platform.

In a statement, IBM’s vice president of blockchain technologies said, IBM is interested in exploring “the relationships between public networks and industry-specific networks.”

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