Balanced Scorecard for Hedera

• Balanced Scorecard for Hedera
• Abstract
• Learning & Growth
• Processes
• Perspective
• Financial
• Recommendation
• Conclusion
• References

Abstract

Hedera Hashgraph is an American technology startup company, founded by Mance Harmon and Leemon Baird in 2017. Hashgraph is the future of the internet as it pertains to transactions because it enables fair, fast, secure, and "honest" (trustless) transaction processing. Hashgraph is a distributed ledger that can process 500,000 transactions per second and uses a consensus algorithm called "Gossip about Gossip". This is a balanced scorecard for Hedera (the private company, not the technology). This article goes into depth about the Hashgraph’s growth, process, perspective, and financial standing.

Keywords: Hedera, Hashgraph, Balanced Scorecard, Cryptocurrency

Learning & Growth

Most people are unaware of Hashgraph technology. Most people do not know what it is, how it functions to offer benefits like open-accessibility and decentralization, or why their business would benefit from using this technology instead of traditional file systems. Lack of awareness could hurt the industry as a whole because more potential customers will not be swayed to try a unique product.

For this industry trend to succeed in the future, target specific audiences that have shown an interest in Hedera Hashgraph on social media channels, trade show events, and physical demonstrations outlets. Offer live walkthroughs with some use cases so potential customers can see firsthand how Hedera Hashgraph works as well as some ways it has been used successfully by other clients.

One of the ways that Hedera is staying ahead of the competition is by continuing to innovate and update its technology. The Hashgraph offers the ability to build applications that help businesses increase their efficiency. A way that the Hashgraph can be used to improve business processes is by helping companies with supply chain management. By utilizing this technology, companies will have access to real-time data so they can track products as they move through the supply chain. This will help companies better understand where products are in the supply chain so they can make informed decisions about inventory.

Processes

Some unneeded obstacles are standing between Hedera's new ideas and execution. One example is the lack of communication between different teams. This can be seen when different teams are working on the same project but are not aware of what the other team is doing. This can lead to duplicate work and a lack of clarity about the project's goals. One way to overcome this obstacle is by implementing better communication protocols, such as weekly team meetings or team briefs. This will help ensure that everyone is aware of what the other team is working on and can avoid any overlap or confusion. Additionally, it will help keep everyone on track and focused on meeting the project's goals.

One area of Hedera that is not being measured on the balanced scorecard is the company's ability to stay up-to-date with a universal language. The development team has been working to update the language used by clients, but it is still primarily English. A new area that Hedera could be measured on is its ability to develop products written in languages other than English. This will help the company gain a global presence and attract more customers.

Perspective

Hedera is winning new business. The company is expanding its partnerships with businesses, governments, and other organizations. Additionally, Hedera is working to educate people about the benefits of its technology. Hedera Hashgraph is known for its consistent product updates and releases. The company has a team of dedicated developers who are constantly working to improve the technology. This commitment to innovation has helped Hedera stay ahead of the competition.

One of the recent updates to the Hashgraph technology is the development of the Hedera Consensus Service. This service is designed to help businesses build applications that rely on consensus. The service offers a fast, secure, and reliable way for businesses to create applications that require trustless transactions. "Hedera has continued to set itself apart from other blockchain platforms with a consistent release schedule. The company listens to its customers and developers, eagerly rolling out updates as soon as they're ready. In the past two years, Hashgraph engineers have released more than 30 major features and upgrades" (Stowell- Hashgraph).

Financial

At this time, it is difficult to determine if Hedera is in the profit for shareholders. The company has not released any financial information since its inception.  The only information available is from a press release from January 2018 stating that “Hedera had raised $18 million in Series A funding” (De).

According to their tokenomics (Hedera), they are in the infancy stages of their project. In the future, it would be beneficial for the company to share more financial data so investors can have a better understanding of whether or not this platform has been a good investment for shareholders.

Recommendation

My recommendation for Hedera would be to continue to focus on its strengths; which include innovation and expanding partnerships. Also, Although Hedera can resist hacking, there are still some vulnerabilities to consider when running a business on the platform. There is always the potential for future security breaches.

Conclusion

In conclusion, Hedera is keeping existing customers happy because they are listening to them and meeting their expectations by providing an agile platform that efficiently handles high volumes of transactions. This will keep people interested in Hedera's products and continue to attract new business. If Hedera focuses on what it is already doing well, it will continue to stand out among other blockchain companies and will become known as a company that is dedicated to its products and is constantly innovating.

References

1. De, N. (2018, August 1). DLT Platform Hedera Hashgraph Completes $100 Million Raised. CoinDesk. https://www.coindesk.com/markets/2018/08/01/dlt-platform-hedera-hashgraph-completes-100-million-raise/
2. Hashgraph, H. (2021, February 9). New Hedera Token Service Offers Native Token Issuance and Configurability Without Smart Contracts. PR Newswire. https://www.prnewswire.com/news-releases/new-hedera-token-service-offers-native-token-issuance-and-configurability-without-smart-contracts-301224076.html
3. Hedera. (2020, June). Hbar Economics (No. V3). https://hedera.com/hh-hbar-coin-economics-paper-060320-v6.pdf