This Tech Giant’s Entry Boosts Hedera’s (HBAR) Price By Over 13%

HBAR Crypto News: The Hedera Governing Council consists of up to 39 highly diversified organizations governing the Hedera network, which runs on its proprietary hashgraph technology. Hedera welcomed its newest member on February 7, with the multinational technology company Dell becoming the 28th member to join the council. The governing body already includes a number of high-profile companies like Boeing, IBM, Google, LG, Ubisoft and others.

Dell Joins Hedera’s Governing Council

Dell, as an active member of the Hedera Council and network, will gain first-hand experience with the opportunities provided by running its own Hedera node and developing applications on the network. According to the official announcement, Dell will work closely with the Hedera team to build DApps for highly decentralized mission-critical environments such as edge computing, and will openly share its results for the collective learning of the industry.

John Roese, the Global Chief Technology Officer at Dell was quoted as saying:

By gaining hands-on experience with distributed ledger technology, we’re able to serve as a rational, holistic voice for customers considering incorporating DLT into their digital transformation.

Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023

The incorporation of Dell into the Council is also in line with the company’s other initiatives that are centered on the decentralization of data. These initiatives include Project Alvarium, which is a Data Confidence Fabric that is able to measure data trust and was developed to ensure distributed systems produce data with a higher level of confidence.

Hedera’s (HBAR) Core Objective

The primary objective of Hedera is to establish a publicly distributed network that is both secure and reliable enough to entice major corporations to build on it. And the fact that Hedera is semi-permissionless, council members run consensus nodes in order to eliminate the need for network forks, which have occurred in the past with Bitcoin, Ethereum, and other cryptocurrencies. The governing council is also responsible for making decisions regarding strategic initiatives.

The history of Dell’s involvement with blockchain and cryptocurrency dates back almost a decade. In 2014, it began working with Coinbase to enable customers to make purchases using bitcoin as a payment option. However, being a member of the Hedera council would appear to be its first public move linked to blockchain technology in quite some time.

Reacting to this recent HBAR crypto news, the price of Hedera (HBAR) moved to $0.079 at the time of composition. And, according to the crypto market tracker published by CoinGape, this results in a growth of 13% over the past 24 hours, in contrast to a jump of 17% over the last seven days.

Also Read: This Country Bans Trading Of Privacy Coins; Monero & ZCash In Trouble?

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.