Wipro and Hedera Join Hands to Deliver a Decentralized Blockchain Governance Model
CEO Insights team , 0
Expected to grow to $23.3 billion by 2023, the Blockchain market is flourishing at an 80.2 percent CAGR. Thanks to the enhanced security that it provides to the real time digital economic processes; its demand has been growing everywhere. 60 IBM cloud data centers for instance, see Blockchain as the top application driving growth. Even in India, ever since the honorable Supreme Court nullified the RBI’s ban on crypto currency trading, rendering it ‘unconstitutional’, there has been an upsurge of enthusiasm & excitement among the Blockchain community in India.
Amongst the first Indian companies to try to capitalize the newborn opportunities is Wipro. The leading global information technology, consulting & business process services company has most recently joined the Hedera Governing Council. This council which is designed to be the most decentralized governance model for a public ledger will include 39 enterprises from a diverse array of industries & geographies.
Commenting on this collaboration, Mance Harmon, CEO & Co-founder, Hedera Hashgraph, says, “The conversation around distributed ledger technology (DLT)
Wipro joining the Hedera Governing Council highlights our commitment to developers, and a rapidly emerging need for blockchain innovation
governance is gaining prominence, with enterprises, developers, and regulators all recognizing the importance of fair, decentralized, and effective governance models. The Hedera Governing Council delivers a governance model that is designed for ongoing decentralization and is considered industry-leading for DLT governance – a status strengthened by the addition of Wipro to the council.”
Hedera Hashgraph is a public distributed ledger for building decentralized applications. The platform enables developers to build secure, fair, blazing-fast decentralized applications. Although its council members are responsible for approving updates to the codebas & setting policies for nodes in its decentralized network, Hedera's governance model protects users by eliminating the risk of forks. This guarantees the integrity of codebase, making the source code open for review. As a measure to ensure the council’s decentralization & diversity, members are allotted a maximum of two consecutive three-year terms only.
“Wipro joining the Hedera Governing Council highlights our commitment to developers, and a rapidly emerging need for blockchain innovation. With a global presence, Wipro is a prime example of a leading multinational entity making the right moves in the future and adoption of DLT. Joining the Hedera Governing Council, alongside other top enterprises, is a strong signal of their intent to be at the forefront of distributed ledger technology as Hedera grows in the months and years ahead,” concludes Mance.