Boeing announced that it is joining the Hedera Hashgraph Council becoming the 10th member with commentators stating that it is a major milestone for the company to dive into the blockchain technology.
Although the nascent blockchain and crypto industries are yet to enjoy mainstream investment and usage, developments are constantly taking place. It is believed that blockchain will be considered a mainstream investment channel when institutional investors join the industry. The latest reports reveal that the aerospace titan, Boeing, has joined the governing council of Hedera Hashgraph.
Hedera Hashgraph is a blockchain-like network that targets enterprises. As we reported earlier, the company formally announced that it will launch Open Access (OA) on Monday the 16th of September for its mainnet in beta mode. Once it has launched, Hedera Hashtag will strive to support quick development and deployment of supported decentralized applications (DApps). Any developer interested in using the platform for their creations can use it.
So far the network has attracted many clients with the latest one being Boeing. The Chicago-based satellite and aircraft manufacturer is now the 10th member of Hedera’s governing council. It joins other major names like Nomura Holdings, FIS Global, IBM, and Tata Communications.
How the Council Works
Every member of this council has a node operating the hashgraph. When this network’s open access launches in September, the companies will also have the capability of using the Hedera Consensus Service. That will let members plug private networks into the public network to benefit from its transaction ordering system.
Hedera also alleges that its distributed ledger technology (DLT) can support micropayments, distributed file storage, and support smart contracts. Earlier on August 29, Hedera stated that it plans to start distributing its HBAR tokens. The distribution process is expected to take up to 15 years.
The company used a simple agreement for future tokens (SAFT) framework to raise around $124 million through three funding rounds. Approximately 1,000 investors who participated in the SAFT funding rounds will get the first distribution of HBAR tokens.
Boeing is currently the biggest commercial aircraft manufacturer globally. Moreover, it is also a major defense contractor in the United States and internationally. The company has made limited moves and investments in the blockchain space up to today and its involvement in the Hedera Hashgraph council shows that it is ready to invest some more in the nascent space.
The aerospace giant earlier filed for a patent that outlined a blockchain infrastructure that would help in-flight GPS receivers. It also announced a joint project to enhance the operations of unmanned aircraft.
Previously, Boeing’s top rival, Airbus, joined the Hyperledger consortium where IBM has also contributed. Notably, Boeing is yet to comment on the Hedera Hashgraph move.
The aerospace giant company has faced turbulent times recently after two fatal accidents resulted in the grounding of all its 737 Max 8 fleet worldwide. Its stock plunged considerably after that but it now seems like the BA stock has consolidated and could be ready to rise again.
The stock hit lows of $320.42 on August 14 but it seems to be on the road to recovery. Currently, the stock is trading at $362.74 up 0.77%.
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