Authenticity, compliance, validation, clearance, certification, financing and auditability are core requirements to realize the full potential for the next generation of global supply chains. To achieve these fundamental objectives, AVC and its subsidiary MVC are completing an integration with Hedera Hashgraph’s Consensus Service (HCS).
HCS is the first Distributed Ledger Technology (DLT) network service to provide the validity and order of events and transparency into the history of events over time, without requiring a persistent history of transactions. As a result, the HCS provides the benefits of fast, fair, and secure consensus at a lower cost than any other public distributed ledger network.
AVC and MVC require high-throughput, encrypted content, trusted timestamps and ordering, fast finality, and an immutable and verifiable log and auditable of events. AVC concluded in its research and testing that Hedera exceeds in each of these key areas.
In addition, with governance as a key concern, especially when working for a National Government, AVC and MVC needed to leverage a network with transparent governance. The Hedera network is governed by a growing group of large, highly respected enterprises and institutions, including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
Serial entrepreneur Leo A. Giacometto, Co-Founder and Chairman of AVC Global and President of MVC, commented, “Our platform harnesses Distributed Ledger Technology and our “SmartHub” is a key component of the platform ecosystem. It is the hub of ingress and egress into the AVC/MVC network and is the foundation for establishing cryptographically verifiable and auditable “ground truth.” It works with a variety of inputs to validate Smart Contracts through our “SmartPass”, which is utilized for compliance, certification, clearance, and digital supply chain financing and settlement.