CSIRO, Australia’s National Science Agency, in partnership with Sydney University have revealed that, through using the Amazon Cloud, the pair have managed to achieve a blockchain transaction settling time of 30,000 transactions per second. Bearing in mind that Bitcoin can settle around 8 transactions per second and that Ethereum can achieve around 15 transactions per second, CSIRO’s findings are actually quite significant. According to CSIRO, this came about through an experiment on the Amazon Web Services AWS cloud infrastructure. Named ‘Red Belly Blockchain’ the experiment was tested on 1,000 machines across Europe, Australia, North America and South America. Red Belly Blockchain was able to facilitate 30,000 transactions per second, with an alleged average delay of just three seconds per transaction. What is Red Belly Blockchain? According to Cointelegraph:
“Red Belly Blockchain uses byzantine consensus — an algorithm that completes transactions without proof-of-work (PoW) and thus without an increase in energy consumption. Dr Vincent Gramoli, senior researcher at CSIRO and head of the research group at the University of Sydney, noted that the current problems with ‘real-world applications of blockchain’ include ‘issues with energy consumption and complexities induced by the proof of work.’ According to the CSIRO release, this is not the first time that Red Belly Blockchain has been tested on Amazon Cloud. During experiments between July 2017 and May 2018, one test showed 660,000 transactions per second on 300 machines. However, all of them were in a single Availability Zone.”Now we must remember that this has not been carried out in conjunction with Amazon, therefore if anyone tells you that the Red Belly Blockchain is an Amazon owned entity they would be wrong. CSIRO have simply used Amazon’s Cloud to facilitate the Red Belly Blockchain in order to allow these experiments to happen. What will come of this, we aren’t so sure, but perhaps we might expect to see a CSIRO led cryptocurrency come to the fore? Or, moreover, perhaps lessons learned from the Red Belly Blockchain will be used to improve the service that is currently provided by the likes of Bitcoin and Ethereum? A merge between cloud services and the blockchain is one day likely to happen, perhaps Red Belly Blockchain could be the first step towards this.