Designers of distributed ledger technology (DLT) endeavor to provide an exciting potential for the digital economy to grow.
From family pictures to international remittances, DLT can improve security and reduce friction and expenses associated with the secure sharing of data.
Whereas many current DLT developments have happened predominantly on top of public as well as permissionless DLTs like those of Ethereum and Bitcoin, the problem of supplying fast and inexpensive transactions with finality has decelerated the proportion of DLT implementation by big corporations that need the ability to execute thousands of transactions per second.
Hedera created a DLT based on the Hashgraph consensus method to overcome these issues. This algorithm builds the Hedera network, which went live in September 2019. The Hedera network now provides organizations across the world with the accessibility benefits of an open public network.As well as the technical capabilities to securely provide enormous quantities of cheaper and faster transactions.
However, reduced friction alone is not sufficient to assure that businesses will perform cryptoeconomic operations on Hedera’s network; players must also have faith in the protocol’s and network’s functioning and administration.
Google Cloud Platform
Hedera has used the Google Cloud Platform (GCP) premium network tier, a densely supplied, low-latency worldwide fiber optic network. This is to assure the dependability and stability of its network since the start of its DLT. Hedera has been able to concentrate on cultivating its community of developers. They are creating high-performance, low-latency decentralized apps (dApps) on Hedera by utilising Google’s network.
“We chose Google Cloud because of its simplicity of use. It includes its networking benefits, and general platform efficiency,” stated Atul Mahamuni, Hedera’s SVP of Products. “We were able to realize our goals of bringing enterprise-ready DLT implementation at scale thanks to the Google Cloud Platform.”
Hedera has chosen Google Cloud as its primary cloud service for its public testnets and Hedera Consensus Service ecosystem. This extends their partnership. Due to Google’s extensive geographic coverage, the expanding worldwide Hedera developer community can secure both access and functionality of their applications. Regardless of where they are in the world.
Joining Hedera Council
As we keep developing our platform, we’re delighted to broaden our partnership with Google Cloud to make DLT far more accessible to our community members. Regardless of their size or industry, Mahamuni added. It’s all about creating solutions that add genuine value to the company.
Lastly, Google will join the Hedera Governing Council. Which is responsible for strategic planning and ensuring the reliability and stability of network protocols and operations. Google Cloud will run a Hedera network node as part of our council membership. It will make the ledger information accessible for analytics with GCP’s other public DLT datasets, reinforcing GCP’s status as the cloud provider of choice for DLT networks and decentralized applications.
We’re impressed by what Hedera has achieved so far, and we’re excited about providing the architecture and technologies that will enable distributed ledger technology to achieve its full potential.