The latest test of the University of Sydney’s Red Belly Blockchain shows it can process financial transactions 50% faster than first anticipated, outperforming market leaders – including VISA – for worldwide payments.
Blockchain is a public ledger allowing secure and almost instantaneous digital transfer of virtual currencies across the world.
It’s used to power Bitcoin but as Business Insider reported this week, there is a critical limitation to widespread adoption of the world’s leading digital currency as a payment method: speed.
Dr Vincent Gramoli, who heads the Concurrent Systems Research Group developing the blockchain, says trials over the past three months showed the technology’s performance gets better as it scales up.
“The latest tests showed the Red Belly Blockchain can process more than 660,000 transactions per second on 300 machines in a single data centre,” Gramoli says.