- It contains insightful information about the history of Hedera Hashgraph.
- The features of the Hedera Hashgraph platform are mentioned.
- Details about the different projects being developed on the Hedera Hashgraph blockchain network are revealed.
Cryptocurrencies are the biggest revolution in the global financial system. Powered by blockchain technology, it has made a huge impact in numerous industries by removing intermediaries, cutting down costs, and enhancing efficiency.
Hedera Hashgraph is an open-source network on which smart contracts, DApps, cryptocurrencies, stablecoins, and tokens can be developed with ease. It functions in the form of a public decentralized ledger. It has its own crypto named HBAR currently trading for $0.084.
A brief history of Hedera Hashgraph to know its progress in the market
- The mainnet was launched in August 2018.
- In February 2020, the Hedera Consensus Service (HCS) emerged on the mainnet where developers can establish verifiable timestamps and structuring of events.
- The Hedera Token Service (HTS) arrived on the test net in October 2020 and a whitepaper for the tokenization of assets came to light in December 2020.
- The platform is managed by the Hedera Governing Council that includes top companies like Boeing, LG Electronics, Google, IBM, Wipro, and Tata Communications.
- They have voting rights to take care of the long-term stability of the network, treasury management, legal compliance, and secure data storage.
The unique aspects in Hedera Hashgraph
- It uses a gossip protocol and a virtual voting algorithm.
- This is utilized for sharing real-time information and for decision-making.
- The distributed ledger can be accessed only by those users who have been granted permission.
- It uses the delegated proof of stake consensus mechanism (DPoS) making it faster and secure than other blockchain networks in the industry.
The latest projects being developed on the Hedera Hashgraph network
- AVC Global, a supply chain management company will use the Hedera Hashgraph to track the supply of medicines and pharmaceuticals in different parts of the world. The advantages include optimization in cash flow, reduction in risks and chances of frauds, and immutable data storage. It will also take care of meeting regulatory guidelines through end-to-end compliance.
- Eftpos (Electronic fund transfer at point of sale) that operates the debit card industry in Australia joined the Hedera Governing Council recently and plans to launch a digital stablecoin backed by the Australian dollar to be used for quick micropayments. Other solutions include digital wallets and QR code scanning facilities.
- The government of Texas wants to digitize all its records. Hedera Hashgraph is a member of the Texas Blockchain Council and recently presented a proof of concept to the Secretary of State. Electronic Apostilles will be used to authenticate government documents. This will ensure better delivery of services to the public by enabling cost-efficiency and taking care of fraud mitigation.
- NHS (National Health Service) hospitals in England are using the Hedera Hashgraph blockchain network for the real-time supply tracking of Covid-19 vaccines. Hedera will assist in record-keeping and data sharing. The main aim will be to maintain the vaccine’s temperature at a low range as its production and demand increases in the market. Hospitals can also use the Hedera Hashgraph platform to detect any irregularities in the distribution of coronavirus vaccines by hospitals and healthcare centres to patients.
As seen above, the Hedera Hashgraph network ensures high performance, speedy execution of transactions, and supports the operations of different DApps. Its ecosystem will become stronger in the future with the support of enthusiastic blockchain developers.