The University of Sydney and CSIRO’s Data61 say that together they have created a blockchain that processes loads of transactions in less time. They claim it to be faster than any other blockchain, including bitcoin’s, according to a report by Financial Review. The newest trial from Red Belly Blockchain on Amazon Web Series has timed itself to 30,000 transactions per second with a minute average delay of just 3 secs.
According to Blockchain.com, bitcoin processes 3-7 transactions per second only. In the month of August, it had an average confirmation time for a transaction of 10-30 minutes. In January, during the peak trading season, the confirmation time for transaction reached a lot high as 3000 minutes per transaction.
The new innovation is the result of hard work for the past two years and lots of dollars in research grants, according to Dr. Vincent Gramoli, Concurrent Systems Research Group.
“So far, blockchain had not shown that it could scale and we wanted to demonstrate that this innovative technology could scale in the number of participating machines and have performance maintained or improved with an increasing number of participants,” said Dr. Vincent.
He also mentioned that the new Red Belly Blockchain was a new innovation which is a mixture of both public blockchain and consortium blockchain.
“These days there are multiple blockchain systems. There are public blockchains like Bitcoin and Ethereum that don’t try to solve consensus ahead of time … but then later try to avoid forks … which means the latency is quite large,” he added.
The Red Belly Blockchain system became a news sensation with first publicly – known trial, wherein the ledger processed 400,000 txs/sec.
Image via Shutterstock
Join our Telegram group