There’s something cooking in Texas and it’s not just that sweet Southern heat. It’s actually Hedera Hashgraph and the deal they have with a company called Hyland. We’ve stumbled across a real-world use case that could push this project to a full-fledged adoption. And, of course, if that happens, you already know where this project is heading to.
Find out if this project has what it takes to go from underrated to appreciated, and then I’ll give you my updated price prediction you’re definitely going to want to see if you’re an HBAR holder. Let’s get it! BitSwap is the hottest new way to trade tokens.
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At the end of this video, I will be giving you my price prediction for HBAR, so stay tuned all the way until the very end of the video for that ’cause I know that’s all you degenerate care about.
Hedera Hashgraph was started in 2016 as a revolutionary platform that did not require miners like other consensus algorithms and use directed acrylic graphs, so the blocks don’t have to be bundled together and instead can be time-sequenced with something called a directed acrylic graph.
Hedera’s governance model is set up as a decentralized public blockchain that is overseen by a council of some of the biggest names in the world, from Google and Boeing to IBM to LG.
This council acts as a trust layer that allows for an immutable verifiable log of messages to be logged into the blockchain. Since its inception in 2017, the technology has been taking the blockchain world by storm. Hyland, on the other hand, might be new to you.
If you haven’t heard of Hyland, don’t feel bad because you’re definitely not alone, even though in your life, you may be. However, you might know the name if you are a Fortune 100 executive with purchasing power. That’s because over half of the Fortune 100 uses Hyland for their products and solutions.
“What is Hyland though?” You may be asking yourself. It’s an enterprise content management tool that is headquartered in Ohio. The company was formerly known as OnBase. Over the last 20 years, the company has overcome a number of mergers and acquisitions. In other words, Hedera has partnered with a massive beast for a blockchain credentialing project in Texas that’s totally flying under the radar.
But what is really important with this partnership as far as Highland Games is how close Hyland already is with the Texas government. Hyland’s relationship is so closely knit with the Texas government, they’re publicly visible on the Texas Department of Information Resources. If we know one thing about the government of Texas is that they don’t mess around. I mean, that’s the state’s entire slogan.
“Don’t mess with Texas.” This is about to be one of the most significant blockchain credentialing projects on the face of the earth. “What is blockchain credentialing?” You may ask. A blockchain credentialing is a way for governments to explore blockchain for the purpose of credentials, like IDs, licenses, certificates, insurance, etc. Yes, people, blockchain-based IDs are on their way.
Slowly, but surely. We’ve been telling you that on this channel for years. However, the focus of the partnership is to build software that creates a more efficient government-issued recordkeeping system. A proof of concept for the business idea was presented to Texas Secretary of State and then further assessed by a trade association called the Texas Blockchain Council. The heart of the invention is something called an apostille.
Apostilles are signatures contained on legally binding government-issued documents. For example, the seal on a court order, birth certificate, or publicly issued document are all examples of apostilles. In a recent interview with Ledger Insights, Hyland’s Head of Business Development, Natalie Smolenski, likened a blockchain to a digital notary.
She said that the blockchain is particularly well suited for validating official records. Even further, she said that blockchains can be used to lower costs, mitigate risk and prevent fraud.
The space for blockchain credentialing is heating up with governments across the world, not just in America but in Asia, Europe and Africa as well. However, in the US, you not only have blockchain as a research-focused area on a gubernatorial level in Texas, but you also have it at the federal level too.
That’s right, US Homeland Security has been in the R&R phase of a blockchain-based wallet that holds credentials, like resident cards. Credentials on the blockchain will soon be going out everywhere. These blockchain credentialing systems have massive potential. Obviously, across healthcare, data and many other industries.
So, let’s take healthcare for example. One of the ways that doctors are able to leverage how much they are worth to a hospital is by earning more licenses. Licenses could be expensive and, of course, they take days if not months worth of time and commitment to get done.
Some doctors spend years getting the qualifications for a single license before they start the actual practice themselves. So, there’s a lot of pressure to get this information accurately stored on a blockchain in a secure way. Blockchain credentialing can help with that because it is a way to save time and decrease the costs that are typically associated with tracking this process.
As we know, healthcare is one of the biggest spending priorities of the American people. Trillions are spent on it every single year. An industry this big could even become bigger and better because of blockchain credentialing. With that said, we know that this partnership between the Hedera and Hyland is the real deal. Unfortunately, the sad reality is that fraud is rampant across the healthcare industry.
Any layers of trust that you could add to the system would dramatically improve not only the system itself but people’s feelings toward the system. Part of why health care is so distrusted right now is not totally unwarranted. There is private information being stolen every single day, horrible malpractice cases, and that’s just the tip of the fraud iceberg.
Adding elements of trust, like the Hedera and Hyland partnership, with all of its members, like the Texas Blockchain Council and Hedera’s governance board, will add elements of trust that are once upon a time impossible.
These ideas sound great, however, how would they actually work? Well, it’s actually a pretty simple process. A healthcare provider would upload professional documents like degrees, certifications and malpractice insurance. Then, all of these different elements would be uploaded to a blockchain.
At that point, once the documents are all uploaded to the blockchain, primary sources are then able to go in and verify that information is accurate. Then, once the information is considered to be accurate, the individual facilities could go onto the blockchain and check that data using source verification.
Once a facility has checked that the credentials are in fact accurate and source-verified, the results could be uploaded onto the blockchain. Again, this is a totally immutable way of issuing credentials, and it has a lot more potential use cases than just healthcare, of course. This is just one example. But it’s one of the most exciting partnerships that has been announced.
And it’s really flying right now under the radar. But that’s the story for HBAR right now. They’ve been known for flying under the radar themselves. And the hash graph technology they’ve developed is seriously one of the most transformative technologies to come out in cryptocurrency in the last half a decade. And there have been a lot of technologies that have come out in cryptocurrency in that span.
This is definitely exciting stuff to pay attention to. So, let’s talk about what this means for the price. Right now, the price has been on an absolute tear, ripping through all-time highs. Now, I do expect a decent pullback until Bitcoin rips through new all-time highs itself.
I believe you do have to factor in this recent pump into the price prediction for this coin. My personal belief is that HBAR will basically 11X from its current levels. I see HBAR hitting $1 by the end of this year. The true potential for Hedera Hashgraph, in my opinion, will be seen most likely during the next bull run in 2024, so keep it on your radar.
But the upside in the short term is still very high. Let me know what you believe will happen for HBAR. What effect will this Hyland partnership have on the price? Let me know what your price predictions are down below.
Be blessed. BitBoy out.
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