Top Mastercard-Backed Blockchain App Migrates To Hedera; Is HBAR Price Gunning For $1?

HBAR Crypto News: 2023 has turned out to be a productive year for the Hedera (HBAR) network as it has been making several technical advances in the crypto space. Although, the collapse of the FTX exchange left a gruesome aftermath in the broader crypto market, the HBAR ecosystem has been driving the development and introduction of new products built upon its Hashgraph technology.

Mastercard Provenance User Migrates To Hedera

On Thursday afternoon, Hedera’s development arm, HBAR Foundation, announced the migration of Fresh Supply Co (FSCO) — the largest user of Mastercard Provenance and a partner of Commonwealth Bank — from Mastercard’s private blockchain to the public Hedera network. The provenance solution by Mastercard leverages blockchain technology with traceability capabilities and value-added services “to achieve transparency and gain efficiencies in complex supply chain management”.

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As a part of this initial integration, FSCO is moving all of its existing operations onto Hedera, utilizing both the Hedera Consensus Service (HCS) and the Hedera Token Service. In the coming months, the FSCO intends to integrate with the Hedera Guardian service in order to collaborate with state organizations as well.  Guardian is a scalable, decentralized, and open-source solution that incorporates industry-leading identity management and distributed ledger technology (DLT) library components.

Hedera’s Growing Ecosystem

FSCO chose to use Hedera for three reasons viz. the Governing Council’s maturity, the capability of low & fixed expenses, and the ecosystem’s objective of establishing ESG reporting as a legitimate practice applicable to all industries. While speaking about the new development, David Inderias, CEO of Fresh Supply Co, was quoted as saying:

We are pleased to bring our technology stack, networks, and client base to the Hedera network where we’ll make ongoing contributions to the Hedera ecosystem.

Recently, another major decentralized application (Dapp) transitioned from the Ethereum blockchain to the Hedera network. As previously reported on CoinGape, a music-focused NFT app called Mynt migrated its operations to Hedera earlier this month. In light of this HBAR crypto news, the Hedera community and the larger crypto market have responded favorably to the announcement, and market participants are of the opinion that this might eventually result in a bullish scenario for the HBAR token.

As things currently stand, the price of HBAR is exchanging hands at $0.06453, which represents a gain of 0.42% over the past one hour in contrast to a drop of 0.46% recorded over the previous 24 hours. At the time of writing, HBAR sits at a staggering market cap of $1.94 billion.

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