Google Cloud Platform (GCP) has announced that it decided to team up with a blockchain platform Hedera Hashgraph (HBAR) to support "the next generation of distributed ledger technology."
According to an official announcement, Hedera has developed a special decentralized platform based on the hashgraph consensus algorithm.
Google highlights that since the creation of the DLT platform, the project has always guaranteed the stability and reliability of the blockchain network by using the premium level of the Google Cloud Platform network.
Hedera SVP of Products Atul Mahamuni claims the company decided to turn to Google Cloud for its ease of use, network benefits, and overall platform performance.
"As we continue to evolve our infrastructure, we’re excited to expand our work with Google Cloud to now make DLT even more readily available for our community members, no matter their size or industry," Mahamuni added.
In this regard, Google decided to become a member of the Hedera Governing Council, which oversees the strategic planning of the Hedera network and ensures the stability of network protocols and network operations.
As part of the collaboration, Google Cloud will regulate the Hedera network node and provide ledger data for analytics along with other public DLT datasets in GCP, strengthening GCP's position as a provider of cloud solutions for DLT networks and decentralized applications.
Only hours after the announcement was made, the price of the HBAR asset has risen sharply by more than 70%. At the time of writing, HBAR is trading at $0,032.
Earlier iHodl reported that a former Google VP decided to join popular in the U.S. cryptocurrency exchange Coinbase as CPO.
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