In 2023, Hedera (HBAR) witnessed several significant developments. They reshape its trajectory and expand its influence in the blockchain and cryptocurrency domain. These developments highlight Hedera’s innovative approach and response to challenges in the rapidly evolving digital landscape.
Scalability and Network Growth
Hedera’s co-founder and CEO, Mance Harmon, outlined an ambitious roadmap for 2023, focusing on scalability—a persistent challenge in the crypto industry. Hedera, already capable of processing 10,000 transactions per second since its launch in 2019, planned to expand further by adding community-run nodes to its existing council-member nodes. This step will significantly boost the network’s capabilities and improve its overall throughput.
Partnership with Automotive Giants
In a significant advancement, Hedera partnered with Hyundai and Kia in August 2023 to introduce a CO2 Emission Monitoring System.
This system, built on the Hedera network, utilizes AI technology to monitor carbon emissions in the supply chain, enhancing transparency and efficiency in managing carbon footprints.
Dell’s Involvement with Hedera Governing Council
February 2023 saw Dell joining the Hedera Governing Council. This strategic alliance aimed to foster the development of decentralized applications (dApps), particularly in the blockchain and Web3 space.
Focused on edge computing, Dell’s collaboration with Hedera is poised to bring significant technological advancements in data processing.
Smart Contract Exploit and Security Enhancements
Hedera faced a challenge in March 2023 when a smart contract exploit occurred, leading to the theft of liquidity pool tokens. In response, Hedera engineers comprehensively analyzed the Smart Contract Service and the Hedera Token Service system contracts.
The security update, targeted for completion by July 2023, aims to align Hedera’s system contracts with Ethereum Virtual Machine (EVM) and ERC token APIs, enhancing security and mitigating risks of similar incidents in the future.
Innovations in Carbon Credit Tracking
August 2023 marked the launch of Asia’s first digital carbon registry, the Global Climate Registry (GCR), on the Hedera network. This platform offers enhanced transparency in tracking carbon credits and emissions reductions.
Its alignment with IEEE standards bolsters the credibility of climate impact reporting, marking a substantial step in environmental accountability.
Special Mention: Migration of Fresh Supply Co to Hedera
In a strategic move, the HBAR Foundation announced the Fresh Supply Co (FSCO) migration to the public Hedera network. FSCO, a significant user of Mastercard Provenance and a partner of Commonwealth Bank, leverages blockchain technology for efficient and traceable supply chain management. This migration underscores Hedera’s growing influence in the blockchain space.
These developments underline Hedera’s commitment to innovation, security, and sustainability. They position the project as a leading player in the blockchain and cryptocurrency market.
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