By
Chimamanda U. Martha
April 24th, 2024
The announcement of Hitachi joining the Hedera Council aligns with broader advancements in DLT within traditional finance.
In a move towards advancing sustainability and enhancing supply chain solutions, Hitachi America Ltd (Hitachi) has joined the Hedera Council, as recently announced in a blog post by the Council.
Hedera’s Unique DLT for Real-World Applications
Hitachi’s decision to join the Hedera Council stems from the belief in the real-world potential of Distributed Ledger Technology (DLT) solutions built on Hedera’s highly scalable and secure network.
The commitment to sustainability and the unique features of Hedera’s DLT, providing a single truth and tokenization mechanisms for distributed workflows, align well with Hitachi’s vision. Hitachi sees opportunities to address emerging challenges in supply chain resiliency, clean energy, IT/OT, and the semiconductor industries through the application of Hedera’s technology.
Ravigopal Vennelakanti, Vice President, Big Data Analytics Solutions Lab at Hitachi, emphasizes the need for DLT solutions to tackle challenges in various industries.
“Hedera addresses emerging needs in supply chain resiliency, clean energy, IT/OT, and the semiconductor industries, for example. Its unique DLT provides the single truth and tokenization mechanisms for distributed workflows that are needed to address these challenges,” he said in a comment.
Through the collaboration, Hitachi aims to initiate the development of proof-of-concepts for end-to-end supply chain and sustainability solutions on the Hedera network next year. Hitachi’s inclusion in the Hedera Council not only signifies its commitment to network innovation but also enhances the Council’s technical and research capabilities. With a track record of leadership in innovation-led industrial use cases, Hitachi brings valuable expertise to the table.
The company has previously demonstrated its technological prowess in developing blockchain solutions for payment systems, supply chains, predictive maintenance, and mining. Moreover, Hitachi’s proficiency in machine learning and generative AI technologies further diversifies the Council’s knowledge base.
Bill Miller, co-chair of the membership committee for the Hedera Council, highlighted the significance of industry leaders like Hitachi joining the Hedera network. He emphasized that as distributed ledger technology blossoms into real-world applications at a massive scale, support from household names like Hitachi becomes crucial. Hitachi’s history of developing forward-looking technology for industrial, energy, infrastructure, and mobility solutions positions it as a valuable asset to the Council.
DLT Advancements in Traditional Finance
The announcement of Hitachi joining the Hedera Council aligns with broader advancements in DLT within traditional finance. Euroclear, a Brussels-based firm specializing in traditional finance securities trading, stated last year that it is working on a new platform for trading securities based on DLT.
In a separate development, the Bank of England (BoE) and the Bank for International Settlements (BIS) Innovation Hub London Centre explored the use of modern technology to advance financial payments through Real-Time Gross Settlement (RTGS) systems.
The Project Meridian utilized Central Bank money free of credit risk held by commercial banks in RTGS accounts. One notable use case involved the successful purchase of houses in Wales and England through the synchronization network using DLT. The experiment showcased the potential benefits of digitizing documents on a decentralized ledger beyond settlements.
