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Hedera Hashgraph’s (HBAR) token price remained in a consolidation phase after the Hedera Council announced a partnership with Hitachi America. This partnership will see Hitachi join Hedera’s governing council.
Hitachi joins other esteemed organisations in this council like Google, Dell, Avery Dennison, Nomura, and Wipro. As a council member, Hitachi will use Hedera’s blockchain to power its ecosystem in industries like power, electronics, and health care.
Precisely, it aims to start using it for its proof-of-concepts for end-to-end supply chain products. In a statement, Ravigopal Vennelakanti, the vice president of Big Data Analytics at Hitachi said:
“Hitachi sees real-world potential in distributed ledger technology (DLT) solutions built on Hedera, given the network’s highly scalable and secure technology, and strong commitment to sustainability. Hedera addresses emerging needs in supply chain resiliency, clean energy, IT/OT and the semiconductor industries, for example.”
Partnering with Hitachi is a major thing because of its size. Hitachi is the 9th biggest publicly traded company in Japan with a market cap of over $72 billion. It provides its solutions around the world.
Many large companies have selected Hedera as their blockchain service provider for several reasons. For one, it is one of the fastest blockchains in the world with just 3.2 seconds in time to finality. It can also handle thousands of transactions per second (TPS) for cents.
Hedera Hashgraph has grown its market share and offerings in the past few months. For example, it recent statement, the developers launched Stablecoin Studio, a solution that helps people to build and launch their stablecoins.
Meanwhile, Hedera’s DeFi ecosystem, while smaller than rivals, is growing. It now has over $71 million in total value locked (TVL). SaucerSwap, the biggest DEX in its ecosystem has gained market share.
Hedera Hashgraph’s HBAR remained in a consolidation phase after the Hitachi announcement. It was trading at $0.080 on Monday, lower than last week’s high of $0.087. It has dropped by over 22% from its highest point in December.
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