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  • The Emirates Integrated Telecommunications Company (EITC) has announced a partnership with the Hashgraph Association to harness the potential of the Hedera blockchain.
  • The collaboration will see The Hashgraph Association provide innovative blockchain solutions to SMEs, governmental institutions, and municipalities.

The Hashgraph Association, a non-profit organization building a decentralized economy that enables start-ups, enterprises, and governments to create a trusted, secure, and empowered digital future has signed a deal with the United Arab Emirates’s du;  the Emirates Integrated Telecommunications Company (EITC). The initiative will help the company with 9+ million users, and 100K+ Businesses integrate and harness the potential of the Hedera blockchain.

Unlike other projects working on blockchain technology, Hedera uses a new form of technology, the Hashgraph technology, which uses a directed acyclic graph, allowing it to process data faster and reliably.

The Hedera blockchain will help bring innovative solutions to small and medium-sized enterprises (SMEs), governmental institutions, and municipalities. The Hedera blockchain will offer secure, traceable, and scalable solutions on a corporate blockchain platform.

This is a major step for the Hedera blockchain which has demonstrated its utility. The blockchain is set to enjoy mass adoption as various organizations adopt the network. It is expected that its technology will be used to revolutionize manufacturing, healthcare, education, smart cities, and agriculture, catering to a wide range of industries seeking secure and efficient applications.

The Hedera blockchain has emerged as one of the greenest proof-of-stake networks according to University College London research. The research found that the blockchain’s average energy consumed per transaction (0.000003 kWh) was far more energy-efficient than its peers.

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Furthermore, it is the only project committed to being a carbon-negative public network through the purchase of quarterly carbon credits to offset its emissions. This has led the project to be one of the most sought projects, partnering with major companies including, Boeing, Deutsche Telekom, Google, IBM, LG Electronics, and Tata Communications.

The project has recently celebrated another major development with the launch of the Hedera Stablecoin Studio. This is the all-in-one stablecoin configuration, issuance, and management toolkit tailored for Web3 platforms, institutional issuers, enterprises, and payment providers alike. This will help deliver a highly performance, seamless, end-to-end stablecoin solution with proof-of-reserve, dedicated custodians, and network-native KYC/AML flagging.

Its native token HBAR has gained nearly 4 percent in the last 24 hours off the back of the latest developments. Exchanging for $0.04867414, the digital asset has lost a little over 90 percent since reaching $0.569229 almost two years ago. Investors remain optimistic that these levels can be reached during the next bull market.

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