HBAR Surges on Hedera’s Recognition by the US Government for Its Commitment to Democracy

Hedera Hashgraph has received recognition from the US government for its commitment in response to a call for the advancement of democracy.

In a press release shared by the US Department of State, the blockchain known for its unique consensus algorithm, hashgraph, joined 150 private sector players, including Google, Meta, and Microsoft, in the call aligned with the Presidential Initiative on Democratic Renewal.

The Call to Advance Democracy initiative focuses on: advancing technology for democracy, fighting corruption, protecting civic space and human rights defenders, and advancing labor rights. In light of the four areas, Hedera committed to bringing together firms and trade associations to discuss matters of transparency and sustainability.

‘‘Hedera commits to convening a democracy roundtable on how blockchain technologies can support human rights, transparency, and sustainability. Hedera will invite companies, trade associations, advocacy groups, academics, and government officials publicly share a summary of the discussion and make recommendations for the next steps.’’

According to the blockchain, governments can benefit from the technology to enhance system accountability, combat misinformation, prevent data manipulation, and track financial flows.

An enterprise-grade public blockchain supporting DeFi

Hedera touts itself as the most robust enterprise-grade public blockchain that enables individual users and corporations to create decentralized applications (DeFi). On March 30, the blockchain foundation announced that it had onboarded Fresh Supply Co (FSCO), a top Mastercard Provenance user and Commonwealth Bank partner, to its platform.

With the partnership, FSCO would reportedly benefit from Hedera’s Real World Asset tokenization to tokenize its agrifood supply chain, enabling transparency and deep, verifiable data for financiers. ‘‘FSCO is migrating the whole of its existing business onto Hedera, leveraging the Hedera Consensus Service (HCS) and Hedera Token Service (HTS).’’

Amid the developments, Hedera is preparing to upgrade its mainnet to v0.35.2 on March 31; a process said to take 60 minutes, with a possible network disruption. The native HBAR token was up 7% in the past day and 15% in the last week, according to CoinMarketCap.