IBM and Indian telecom company Tata Communications have joined the governance council of Hedera Hashgraph, a public blockchain network for enterprises.
Now, eight of the 39 available spots for governing council members are filled, the network announced Monday.
“Our goal is to create the most decentralized governing body of any of the major public platforms,” Mance Harmon, CEO of Hedera, told Coindesk. “We’re covering multiple industries … and we’re wanting global coverage.”
Hedera claims its flavor of distributed ledger technology (DLT), which works differently than blockchains, can facilitate micropayments and distributed file storage, support smart contracts and will eventually allow private networks to plug into the public one to take advantage of its transaction ordering mechanism.
After three rounds of funding done through simple agreements for future tokens (SAFTs), Hedera has raised $124 million.
IBM is the first major tech company and Tata is the first Indian company to join the network. Some of the network’s other governing members include Japanese financial holding company Nomura, Deutsche Telekom and law firm DLA Piper. At this point in the network’s lifecycle, council members are invited by Hedera to join and given fee income for running nodes.
IBM said it is most interested in how the public network interacts with private networks.
“The most exciting part is the proposed Hedera Consensus Service,” said Bryan Gross, principal offering manager of the IBM Blockchain Platform. “It has the potential to provide the core innovation of proof-of-work blockchains, like bitcoin and ethereum, without the performance and privacy trade-offs that are typically associated with these networks.”
Since the Hedera Hashgraph is designed to unify public and private networks,