IBM and Tata Communications have joined the governing council of Hedera Hashgraph, a distributed public ledger platform that aims to be faster and runs at a larger scale than current blockchain technologies.
While digital currencies took a hit last year following intense global regulatory scrutiny, blockchain developments within companies continued. Cryptocurrencies though made a huge comeback earlier this year, led by bitcoin BTC=BTSP, which has soared more than 200% so far in 2019. Backed by Digital Currency Group and hedge fund BlockTower Capital, Hedera raised $124 million in August last year amid a slumping cryptocurrency market.
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..
Council members, however, serve a maximum of two consecutive three-year terms and act as stewards of the platform.