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Tata Communications joins as governing council member of Hedera Hashgraph

Hedera is a distributed ledger technology company that is building systems that aspire to be faster than the current block chain technology.

, ET Bureau|
Updated: Aug 12, 2019, 07.07 PM IST
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MUMBAI: Hedera Hashgraph, a distributed ledger platform for enterprises announced that Tata Communications has joined its governing council, making it the first Indian company to do so. IBM has also been included as a member.

Hedera is a distributed ledger technology company that is building systems that aspire to be faster than the current block chain technology.

The Council will comprise up to 39 multinational entities from various industries and according to the company is being designed to “ensure decentralized and responsible governance for a next-generation Distributed Ledger Technology (DLT) platform.”

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, the company said in a press note.

Ankur Jindal, Global Head of Corporate Venturing and Innovation at Tata Communications, a global digital infrastructure provider, 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.”

Mance Harmon, CEO of Hedera Hashgraph, 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.”

Council members serve a maximum of two consecutive three-year terms and act as stewards of the platform, the note added. The addition of the two firms further expands the Council’s diversity which now comprises of enterprises from telecommunications, technology, financial services, law, and retail sectors, according to the company.

Jerry Cuomo, Vice President of Blockchain Technologies at 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.”

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