Fifty times faster than expected is the processing speed of financial transactions after the recent trials from University of Sydney’s Red Belly Blockchain.
Fifty times faster than expected is the processing speed of financial transactions after the recent trials from University of Sydney’s Red Belly Blockchain. The blockchain project makes it much quicker than the usual Visa payments used prior to the new system which is reported to process 440,000 transactions per second unit time with 100 machines according to researchers at the university back sometime in July. The new model as compared to the common Visa which processed only 56,000 transactions a second. Red Belly is obviously much faster, leaving the bitcoin at fourth place with the ability to process only 7 per second and ethereum blockchain that processes 20 per second.
Latest results show the technology’s performance tends to improve as time passes as Dr. Vincent Gramoli, head of the Concurrent System Research Group stated that their Red belly Blockchain is able to process 660,000 transactions per 300 machines within a second. This clearly shows the marked improvement from 440,000 per second earlier.
The test results were collected from various locations that stretched across Australia to Canada leading all the way up to Japan, Brazil, Germany, India Korea and Singapore including UK and USA. In the testing run experiment total of ten machines were submitted in each area for proficient results.
Dr. Gramoli further revealed that he does not know of any other Blockchain that has been able to achieve the same results. He insists that the machines can even individually process more transactions and at a faster rate even if they are continents apart which make them much better than the ones used by the Visa Company.
The problem of double spending is the main that one on digital currencies that can be prevented using the Red Belly Blockchain. The difference between these and PoW blockchains (proof-of-work) is that it gets more work done by consuming less amount of electricity and it shall soon be available in market for users.