A few hours ago, Hedera announced that Hitachi America is now part of its ecosystem’s governing council. The new alliance provides a two-fold advantage to the parties. It strengthens the position of Hedera as a distributed ledger technology (DLT) provider while allowing Hitachi to leverage its network for its industrial applications.
Hitachi’s Official Statement
Hitachi’s Big Data Analytics Solutions Lab Vice President Ravigopal Vennelakanti stated that they see real-world potential in the Hedera DLT. The exec believes the scalable, secure, and sustainable solutions provided by the platform align with their company’s vision towards supply chain resiliency, use of clean energy, IT/OT convergence, and tokenization, among others.
Hitachi has been an active player in its home court in Japan when it comes to green bonds. One of its efforts to promote sustainability in its operations was the development of a blockchain-based solution for tracking the outputs of its renewable energy infrastructures.
In relation to this, it issued a tokenized, five-year-term green bond worth 10 billion yen ($69 million) last month. In addition to financing new green projects, the yield will be utilized to refinance the renovation of energy-saving facilities.
The Hedera Council
Hitachi joins the other members of the Hedera Council consisting of 30 companies from diverse industries. Among the notable entities making up the governance portfolio of the network include powerhouses like Google, IBM, Boeing, Nomura, Standard Bank, DBS Bank, FIS (Worldpay), Shinhan Bank, and LG Electronics. The collective is responsible for managing the initial nodes that dictate the network’s direction to prevent any forks.
Hedera looks forward to benefitting from Hitachi’s extensive experience and technical expertise in electronics, healthcare, energy, Internet of Things (IoT), and other fields in reinforcing its network. Likewise, it considers the new venture as a way for it to further demonstrate the transformative and real-world use cases of its Web3 technology.
How is HBAR Holding Up?
Despite the latest milestone in the Hedera network, its native token HBAR appears to be unfazed. As of this writing at 3:00 PM, around three hours following the announcement of the parties involved, HBAR remains 2.93% in red on the 24-hour chart of CoinMarketCap at $0.07772.
The figures remain a far cry from the $0.5701 all-time high achieved by HBAR on September 16, 2021. However, the great strides made by the coin this year can’t be denied as it recovered over 50% of its value.
Trading volume, nonetheless, was up by 12.79% as $60.102 million worth of HBAR moved between wallet addresses within the period. Along the timeframe, the token’s prices moved between a low of $0.07698 and a high of $0.08114.