Hey guys welcome back to Crypto Clan, today we’ll be discussing how hedera’s consensus service uses one of the strongest security standards and we’ll also be discussing a new exciting partnership According to the Hedera Hashgraph website, hedera uses a cryptographic hashing algorithm, which makes it compliant with the CNSA Suite security standard. This is the standard required for protecting U.S. government Top Secret information.
The Commercial National Security Algorithm Suite or CNSA is a cryptographic algorithm that is set to be used by the NSA to replace its current NSA Suite B Cryptography algorithm. The use of CNSA will enable rapid and secure information sharing, to aid in protecting the US government, its citizens and its interests from cyberattacks With the growth of cyberattacks across the world, most notably in the US. The implementation and incorporation of stronger security measures to protect sensitive information related to citizens within a nation or information held by corporations will become increasingly more important.
Hedera’s strong security measures may have been a factor for organisations such as Google, IBM, T mobile and Tata communications, to name a few deciding to become governing council members of the hedera consensus service. The implementation and use of hedera’s CNSA Suite security standard will enable improvements in an organisations ability to strengthen its security measures, thus reducing the risk of successful cyberattacks.
As mentioned yesterday, the NHS is one such entity that uses Hedera’s consensus service for security measures. Whereby, Hedera’s network will provide an effective means of tracking and ensuring that vaccines maintain the desired temperature to ensure vaccine efficacy is maintained. Furthermore, Hedera’s DLT nature, alongside its byzantine fault tolerance and its cryptographic hashing algorithm, will significantly reduce the risk of malicious entities successfully attacking and gaining access to NHS vaccine databases.
Hedera’s impressive security mechanisms add to a growing list of measures that the hedera consensus service offers, this factor may become another selling point for enterprises and potentially governments looking to implement Hedera’s technology into their framework. In other news, on the 19th of July, the Liechtenstein Blockchain Innovator, LCX announced a strategic partnership with Hedera Hashgraph.
LCX is expanding its Liechtenstein Protocol for the Hedera Hashgraph network to establish a new standard for security tokens and tokenized digital assets. With this new partnership, Hedera’s technology will be leveraged in improving the LCX infrastructure, which in turn will lead to the expansion of the Hedera Token Service (HTS) with the addition of a new security token standard that will provide secure, reliable, transparent, and compliant infrastructure for digital securities to its users.
LCX, with the use of the hedera network, will enable organizations to use LCX’s framework to create security tokens with the ability to automatically enforce certain conditions related to legal and regulatory requirements and enable the automatic compliance of tokenized resources. As well as providing the mentioned characteristics, LCX’s Liechtenstein Protocol framework is one of the world’s first regulated and compliant blockchain ecosystems for professional investors.
This factor will make DLT technology more available for accredited, wealthy individuals and will ultimately lead to the Hedera network becoming more widely used. HBAR has also been listed on the LCX crypto exchange.
The LCX exchange currently holds a 24-hour trading volume of just over 25,000 dollars at the time of recording. The listing of HBAR on the exchange may not lead to extensive price changes in this case. Furthermore, LCX has strong links to recognised organisations such as being a member of the Centre for the Fourth Industrial Revolution of the World Economic Forum.
LCX’s partnership with the World Economic Forum in this instance has led to the active development of CBDC technology. LCX’s active development of CBDC technology adds to a growing list of entities that actively use or are aligned with Hedera that are researching CBDC technology.
EMTECH is another Fintech organization that is actively looking at the Hedera consensus service in developing a CBDC for the US’s Federal Reserve, EMTECH is also partnered with the bank of Ghana to develop their CBDC. What are your thoughts on hedera’s partnerships? Which partnership excites you the most? Let us know your views in the comments below.
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