Mastercard Switches From Provenance to Hedera

2023 has already been a productive year for the Hedera network as it has made several technical advances in the cryptocurrency industry. Although the bankruptcy of the cryptocurrency exchange FTX has had dire consequences for the cryptocurrency market in general, the Hedera ecosystem makes a difference as it enables the development and launch of new products built on Hashgraph technology. Recently, there has been an exciting new development for the Hedera ecosystem.

Hedera’s development arm, the Hedera Foundation, announced on March 30 that Fresh Supply, the largest user of Mastercard Provenance and a partner of Commonwealth Bank, is moving from Mastercard’s private blockchain to the public Hedera network, which aims to digitize its supply chain. Mastercard’s Provenance solution leverages Blockchain technology with traceability capabilities and value-added services to achieve transparency and efficiency in complex supply chain management.

As part of this initial integration, FSCO will migrate all its existing operations to Hedera using both the Hedera Consensus Service (HCS) and the Hedera Token Service. FSCO also plans to integrate with Hedera Guardian, a scalable, decentralized and open-source solution that includes industry-leading identity management and distributed ledger technology (DLT) library components, to collaborate with government organizations in the coming months.

There are three reasons why FSCO chose to use the Hedera network: the maturity of the Governing Council, its low and fixed expense capacity, and the ecosystem’s goal of making ESG reporting a legitimate practice for all industries. Speaking about the transition, David Inderias, CEO of Fresh Supply, said:

“We are pleased to bring our technology know-how, network and customer base to the Hedera network, where we will continuously contribute to the Hedera ecosystem.“