Google Partnership with Hedera Hashgraph can generate $ 20 billion by 2024

6 min read

Independent research firm Fundstrat predicts that Hedera Hashgraph, the enterprise-grade public distributed ledger platform, could generate a value of $ 1.9 billion in its network in 2024. Fundstart's predictions are emphasized in their latest report, which analyzes Hedera's recent growth.

The report shows that the Hedera platform has handled more than 36 million transactions since September 2019, when the network became available to everyone to build, test and implement applications there. Hedera distributed ledger technology is currently being used by companies such as Acoer to help track the spread of the deadly corona virus, along with Armanino to provide a reliable source of transaction and account information for financial auditors.

The Fundstrat report also points out that Google is an important indicator of future success with the Hedera Hashgraph board. While companies such as IBM, Boeing and Deutsche Telekom form the Hedera board, the addition of Google is a milestone that confirms Hedera's business potential.

Hedera Hashgraph CEO Mance Harmon told Cointelegraph that Google will run its network node on the Google Cloud Platform (GCP) to ensure the creation of a worldwide, distributed network. He said:

“Google, along with other councilors, is responsible for maintaining Hedera's global infrastructure, protocol and product to create a layer of trust for the internet. Google has become a member of our board because the company values ​​the model we have made. "

A recent Google Cloud blog post explains that Google Cloud, as part of its municipal membership, will make its ledger data available for analysis alongside other public distributed GCP technology sets from GCP. Google Cloud Developer Advocate Allen Day told Cointelegraph that collaboration with Hedera was extremely beneficial and said:

“We are delighted to offer Hedera scalable and reliable infrastructure, as we do for many other companies with digital native technology, such as Atom Bank and Blockchain.com. This collaboration will help strengthen GCP & # 39; s position as the cloud provider par excellence for DLT networks and decentralized applications. "

Where did Facebook & # 39; s Libra go wrong?

While Google and other large companies participate in Hedera's 39-member board, a number of companies have left the Libra Association of Facebook, a project aimed at creating a global cryptocurrency-based payment network. Despite a backlash from regulators and government officials, companies such as PayPal, Mastercard and Visa initially joined the Libra Board of Directors.

According to Harmon, Libra's governance model resembled that of Hedera. He explained that when Hegra was announced in the summer of 2019, Hedera had it placed an entire-page advertisement in the Wall Street Journal calling on Facebook to steal his model. The advertisement reads:

“Thanks Facebook Libra. Imitation is the purest form of flattery. It has been their internet for too long. Make it your own. "

Harom explained that the advertisement was meant to validate Hedera's governance model. But with a seemingly identical governance model like Hedera – which allows members to run individual network nodes on their own infrastructure and then vote on crucial network decisions – some may wonder where Libra was wrong. Since Libra was unveiled, at least seven major companies have stopped, including Mastercard, PayPal and Visa.

Harom said Libra has always been through a much more difficult regulation compared to Hedera. He also said that from the outset Hedera recognized the importance of working closely with regulators to do good business in the United States, and added:

"This does not mean that Facebook did not talk to regulators, but they also created a stablecoin from a basket with different currencies. That creates an extra layer of regulatory complexity that we have never had to deal with."

Harmon also noted that Hedera's focus is very different from Libra's: "We don't have a stable payment or payment solution. Our focus here is on building a new internet layer based on trust – not a global payment solution. Although this may be something skeptics argue that Hedera Hashgraph does not have decentralization, since its network is essentially run by large companies.

Add decentralized trust to applications

To solve this problem, Hedera launched the Hedera Consensus Service on February 13 to give developers the ability to create verifiable timestamps and order events in each application.

According to Harmon, Hedera is the first publicly distributed ledger that developers can use to build their own application networks. Hedera calls this "AppNet", which is in fact a set of computers that allows privacy and yet uses the confidence of the public ledger of Hedera as their consensus engine.

With Hedera Consensus Service, companies can track assets in a supply chain or track the number of music streams to determine remittance for digital rights management. Organizations can also create an auditable log of asset transfers and payable events on an advertising platform.

HCS is directly linked to the Google Cloud Platform, because private networks that use HCS can run these networks on Google Cloud to ensure trust. The co-founder and chief scientist of Hedera Hashgraph, Leemon Baird, explained:

“Logging transactions in the exact order in which they take place is crucial to use cases in almost every industry. (…) It enables groups together to subsequently apply this trust and governance to their applications that need both trust and privacy. "

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Don Bradman

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