Arrow Electronics, an American company valued at over $6.4 billion, has become the latest member to join the Hedera Council.
In a press release to BanklessTimes, the company said that the goal will be to support the governance of the Hedera Hashgraph network.
It also aims to utilize Hedera’s technology to develop a global supply chain solution centered on standards and efficiency. It believes that Hedera offers the best distributed ledger network to help it achieve this mission.
In a note, the chair of the Hedera Council said:
“Arrow Electronics represents the pinnacle of global technological enablement. Their deep industry reach and advanced technical solutions position them as a catalyst for transformative supply chain innovation. Arrow’s entry into Hedera Council highlights the growing demand for enterprise-grade infrastructure to support scalable, standards-based applications across industries.”
Arrow Electronics joins other large companies that are part of the Hedera Hashgraph council. The most notable members in the council are Chainlink, ServiceNow, WorldPay, IBM, Google, Dell, LG, and the Nairobi Stock Exchange.
Arrow Electronics is one of the biggest technology distributors in the United States. It sources and distributes technology solutions, including batteries, amplifiers, capacitors, filters, and display solutions, to companies of all sizes. It generated over $27 billion in revenue and an operating income of $729 million in the last year.
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As a result, the company can utilize distributed ledger technology to streamline the sourcing, logistics, and procurement of these solutions.
A blockchain like Hedera Hashgraph can help in this regard, as it is known for its fast transaction speeds and low costs. Data shows that a typical transaction costs about $0.0001, while the time to finality is about 2.9 seconds. It has already processed over 71.4 billion transactions over time, with 473,043 transactions occurring in the last 24 hours.
HBAR price reacted mildly to the Arrow integration. It was trading at $0.18, down by 57% from its highest point this year. Arrow Electronics stock jumped by 1.4% in the pre-market session.
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