Google Partnership with Hedera Hashgraph Can Generate $1.9B by 2024

Published on by Cointele | Published on

Independent research firm Fundstrat predicts that Hedera Hashgraph, the enterprise-grade public distributed ledger platform, could generate $1.9 billion in value across its network by 2024.

Fundstrat's report also points out that Google joining Hedera Hashgraph's governing council is a key indicator for future success.

While companies such as IBM, Boeing and Deutsche Telekom compose Hedera's governance council, the addition of Google is a milestone validating Hedera's enterprise potential.

Hedera Hashgraph CEO Mance Harmon told Cointelegraph that Google will be running its network node on the Google Cloud Platform to ensure the creation of a global, distributed network.

According to Harmon, Libra's governance model resembled that of Hedera.

With a seemingly identical governance model to Hedera - which allows members to run individual network nodes on their own infrastructures and then vote on crucial network decisions - some may be wondering where Libra went wrong.

Harmon also noted that Hedera's focus is entirely different from Libra's: "We don't have a stablecoin or payments solution. Our focus here is to build a new layer of the internet, based on trust - not a global payments solution." While this may be, some skeptics argue that Hedera Hashgraph lacks decentralization, as its network is essentially being governed by major enterprises.

In order to solve this problem, Hedera launched the Hedera Consensus Service on Feb. 13 to provide developers with the opportunity to create verifiable timestamps and to order events across any application.

According to Harmon, Hedera is the first public distributed ledger that allows developers to build their own application networks.

Hedera refers to this as "AppNet," which is basically a set of computers that enable privacy yet utilize the trust of Hedera's public ledger as their consensus engine.