Alphabet Inc. (NASDAQ:GOOGL) owned Google has become a member of the Hedera Governing Council responsible for the planning of Hedera’s blockchain network.
What Happened
Google will be joining the governing council for Hedera that includes 39 “term-limited and highly diversified” organizations enterprises. Present members include Boeing Co (NYSE:BA), IBM (NYSE:IBM), and Tata Communications, among others.
Allen Day, developer advocate for Google, wrote in a blog post, “We’re inspired by what Hedera has accomplished to date, and look forward to providing the infrastructure and technologies to support what’s possible with distributed ledger technology.”
All members of the governing council participate equally in approving updates to Hedera’s codebase as well as for making policies for the nodes that constitute Hedera’s blockchain network.
Why It Matters
Hedera Hashgraph touts itself as a “3rd generation public ledger” and claims to achieve the highest grade of security possible while providing “blazing-fast” transaction speeds at “incredibly low bandwidth consumption.”
The platform had raised $125 million before it was launched.
Hedera Hashgraph was launched in September 2019 and claimed to process up to 10,000 transactions per second, which is faster than most current blockchains.
According to Google’s blog post, Hedera has already been leveraging Google Cloud Platform (GCP), and Premium Network Tier — a highly provisioned, low-latency global fiber-optic network.
Now that Google has come on board Hedera’s governing council, they will operate a Hedera node and make the ledger’s data available for analytics alongside GCP’s other public blockchain datasets.
Price Action
Alphabet Class A shares traded unchanged at $1,510 in the after-hours session on Tuesday. The shares had closed the regular session 0.093% higher at $1,510.06.
The company’s Class C shares traded lower by 0.038% at $1,508.22 in the after-hours session on Tuesday. The shares had closed the regular session 0.0073% at $1,508.79.
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