HBAR Announces The Entry Of Large Users To The Hashgraph Network

HBAR cryptocurrency. (Photo; Doc. CoinJournal)

JAKARTA - Hedera (HBAR) network has made a lot of technical progress in the crypto space throughout 2023. Despite the failure to exchange FTX crypto leaving a frightening impact on the wider crypto market, the HBAR ecosystem has encouraged the development and introduction of new products built on its Hashgraph technology.

On Thursday afternoon, the HBAR Foundation, Hedera development division, announced the Fresh Supply Co (FSCO) migration - the largest user of Mastercard Provenance and Commonwealth Bank partners - from the Mastercard's personal blockchain to the public Hedera network.

Launching Coingape, Mastercard's proof solution utilizes blockchain technology with additional tracking and service capabilities "to achieve transparency and gain efficiency in complex supply chain management".

As part of this initial integration, FSCO moved all its existing operations to Hedera, utilizing both Hedera Consensus Service (HCS) and Hedera Token Service. In the coming months, FSCO intends to integrate with the Hedera Guardian services to collaborate with state organizations.

The Guardian is a decentralized, scalable, and open-source solution that combines the leading identity management components in distributed ledger (DLT) industries and technologies.

FSCO chose to use Hedera for three reasons, namely the maturity of the Regulatory Board, low-cost and fixed capabilities, and the ecosystem's goal of introducing ESG reporting as a legitimate practice that can be applied to all industries.

"We are pleased to bring a lot of our technology, network, and client base to the Hedera network where we will make a continuous contribution to the Hedera ecosystem," said David Inderias as CEO of Fresh Supply Co commenting on this development.

Recently, another large decentralized (Dapp) application switched from the Ethereum blockchain to the Hedera network. As reported by CryptoPotato in February 2023, Calaxy - a crypto-based social media platform founded by NBA star Spencer Dinwiddie - also chose Hedera as its main infrastructure.

Calaxy aims to empower influencers and content creators to create their own social tokens and interact with their fans directly.

Hedera has also attracted the attention of major companies such as Google, IBM, Boeing, and LG, all of whom are members of the Hedera Regulatory Council. The board is responsible for maintaining Hedera's stability and network security and establishing its strategic direction.

Hedera Hashgraph is a third generation DLT technology that offers high transaction speed, low cost, and high level security. Unlike traditional blockchains that use linear blockchain to record transactions, Hedera uses a directed acrylic structure (DAG) called a hashgraph.

Hashgraph uses a gossip-based virtual voting consensus algorithm to reach an agreement between network nodes without requiring proof-of-work (PoW) or proof-of-stake (PoS) mechanisms.

Hedera (HBAR) is a native token of the Hedera network that is used to pay transaction fees and network services. HBAR is also used as a security mechanism to prevent Sybil attacks by limiting the number of network nodes that can be run by one entity.

HBAR is currently trading around Rp1,056 according to Coingecko data. HBAR coins have increased prices by 7 percent in the last 24 hours. HBAR briefly broke its all-time high price (ATH) on September 15, 2021, at a price of Rp8,103.