Indian telecommunication giant, Tata Communications and IBM are the most recent members to join the governing council of Hedera Hashgraph, a public Distributed Ledger Technology (DLT) platform.
According to a report today by The Economic Times, the inclusion of both tech giants into the governing council would ensure that the Hedera’s hashgraph consensus mechanism gets a powerful endorsement.
“The addition of IBM and Tata Communications to the Hedera Governing Council is a powerful endorsement of the hashgraph consensus mechanism, and further decentralizes the governance of Hedera Hashgraph,” Mance Harmon, CEO of Hedera Hashgraph said in the report.
The Hedera governing council consists of 39 slots, which is expected to be filled by top multinational firms from diverse industries.
Leemon Baird, Hedera Co-founder and Chief Scientist of Hedera said,
The members of the governing council are the actual owners of the company. They aren’t just advisers. They are Hedera. Hedera is an LLC that is split 39 ways — 39 companies own it, control it, and make all the decisions.
At the moment, the council now has eight members. Each member will be tasked with the responsibility of ensuring decentralized and responsible governance, for a next-generation Distributed Ledger Technology (DLT) platform.
Additionally, the governing council will be fully involved in the decision-making process that concerns the Hedera platform codebase, and in formulating policies for nodes that constitute the Hedera’s decentralized network.
However, members can only serve a maximum of two consecutive three-year terms if two-thirds of the council agrees to let them continue.
Since Hedera’s inception, the company has hoped to replace the blockchain technology in the future, and its technology has so far been used to expedite micropayments, aid smart contracts, and support distributed file storage.
Reacting to the announcement, IBM‘s vice president of blockchain technologies, Jerry Cuomo, stated that IBM is excited to be a part of the Hedera’s governing council, and he is optimistic that the deployment of Hyperledger Fabric in enterprise environments can be simplified and enhanced on the Hedera’s platform.
Similarly, Ankur Jindal, global head of corporate venturing and innovation and Tata Communications, also commented that he believes DLT can be used to strengthen human efforts and to improve operational efficiency in all levels.