2023, Hedera It has been a productive year for the (HBAR) network as it has made several technical advances in the crypto space. While the collapse of the FTX exchange has left a dire result in the broader crypto market, the HBAR ecosystem is spearheading the development and launch of new products built on Hashgraph technology.
Mastercard Provenance User Switches to Hedera
On Thursday afternoon, the network’s development arm, the HBAR Foundation, Mastercard Provenanceannounced the transition of Fresh Supply Co (FSCO), the largest user and partner of Commonwealth Bank, from Mastercard’s private blockchain to the public Hedera network. Mastercard’s Provenance solution leverages blockchain technology with traceability capabilities and value-added services “to achieve transparency and efficiency in complex supply chain management.”
As part of this initial integration, FSCO is migrating all of its existing operations to Hedera using both Hedera Consensus Service (HCS) and Hedera Token Service. In the coming months, FSCO plans to integrate with the Hedera Guardian service to collaborate with government agencies as well. Guardian is a scalable, decentralized and open source solution that includes industry-leading identity management and distributed ledger technology (DLT) library components.
Hedera’s Growing Ecosystem
There are three reasons why FSCO chose to use Hedera. The maturity of the Governing Council, its low and fixed expense capacity, and the ecosystem’s goal of making ESG reporting a legitimate practice for all industries. Speaking about the new development, Fresh Supply Co CEO David Inderias said:
“We are pleased to bring our technology stack, networks and customer base to the Hedera network, where we will continually contribute to the Hedera ecosystem.”
Recently, another great decentralized application (Dapp) Ethereum switched from the blockchain to the Hedera network. In light of this HBAR crypto news, the Hedera community and the larger crypto market responded positively to the announcement, and market participants are of the opinion that this could eventually result in a bullish scenario for the HBAR token.
Fresh supply of $HBAR transactions incoming..? https://t.co/mqOpDOtEB3
— Coinman the HBARbarian (@BarHBARian) March 30, 2023
Koinfinans.comAs we reported, HBAR price is currently trading at $ 0.06453. This represents a 0.42% gain in the last hour, as opposed to the 0.46% drop recorded in the last 24 hours. At the time of this writing, HBAR has a staggering $1.94 billion market cap.