Independent research firm Fundstrat forecasts, in a recent report analyzing the recent growth of Hedera Hashgraph, by the year 2024 Hedera will generate $1.9 billion in value across its network.
The report shows that over 36 million transactions have been handled by Hedera’s platform since September 2019 when the network became publicly available for anyone to develop, test and deploy applications there. Companies such as Acoer are currently using distributed ledger technology from Hedera to help track the spread of coronavirus, along with Armanino to provide financial auditors with a reliable source of transaction and account data.
The report by Fundstrat also points out that selecting Google to become a member of the governing council of Hedera Hashgraph is a crucial indicator of future progress. While corporations including IBM, Boeing and Deutsche Telekom make up Hedera’s governance board, Google’s incorporation is a landmark in validating Hedera’s market potential.
Mance Harmon, CEO of Hedera Hashgraph, said Google would run its network node on Google Cloud Platform (GCP) to ensure a decentralized, distributed network is built.He said:
“Google, alongside other council members, are responsible for maintaining Hedera’s global infrastructure, protocol and product to create a trust layer for the internet. Google has joined our governance council because the company appreciates the model we’ve created.”
Google Cloud User Advocate Allen Day stated that relationship with Hedera was extremely advantageous:
“We’re excited to provide scalable and reliable infrastructure for Hedera, as we do for many other digital-native companies like Atom Bank and Blockchain.com. This partnership will help bolster GCP’s position as the cloud provider of choice for DLT networks and decentralized applications.”
What Happens With Facebook’s Libra Association?
As Google and other major companies participate in Hedera’s 39-member governance board, some member companies have left Facebook’s Libra Association, a project aimed at creating a global network of cryptocurrency-based payments. Despite the adverse response from regulators and government officials, businesses including PayPal, Mastercard and Visa initially joined Libra’s board of governance.