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Ultra-Fast Blockchain Reaches 30,000 Transactions A Second

 
Ultra-Fast Blockchain Reaches 30,000 Transactions A Second
Blockchain / Breaking News
Researchers in Australia announced on Wednesday a successful trial run of next generation blockchain that can reach cross-border speeds of 30,000 transactions per second. Operating on Amazon Web Services' (AWS) cloud infrastructure, the test potentially paves the way for global enterprise-scale applications of the technology. Red Belly Blockchain is a project of Australia's national science agency, CSIRO, in partnership with University of Sydney. According to Sept. 26 statement, the next-gen blockchain provides several improvements including solving the "environmental impact from significant energy use, double spending where an individual spends their money twice by initiating more than one transaction, and throughput, which refers to how many units of information can be processed in a short amount of time." The above refers to Bitcoin's (BTC) resource-intensive network that requires sophisticated computing and vast amounts of electricity. Australian researchers say their network requires less energy while enabling a large number of transactions across nodes located in various time zones. The test tun deployed Red Belly Blockchain on 1,000 virtual machines across AWS' cloud network in North America, South America, Australia (Sydney) and Europe. Faster Throughput For Local Use Cases
"The experiment highlights Red Belly Blockchain's scalability, while retaining fast transaction speeds and high security, making it ideal for faster processing of financial transactions and microgrids that use peer-to-peer trading to transform the energy sector."
According to researchers, Red Belly Blockchain uses a unique algorithm that enables scalable performance without an equivalent increase in electricity consumption. Two experiments were conducted using the same technology from July 2017 to May 2018 and these featured a throughput of 660,000 transactions per second. However, it only used 300 machines in a single Availability Zone. The latest test was designed to see throughput on AWS infrastructure on a global scale across multiple time zones. FedEx And Honeywell Join Consortium These and similar advancements are key in increasing adoption among Fortune 1000 companies who operate globally. Earlier this week FedEx, Honeywell and more than a dozen other organizations became new members of Hyperledger consortium. Both conglomerates have massive logistics and supply chains around the world and their membership shows that blockchain will see more enterprise use cases in the near future. The consortium has more than 270 members and its mission is to build blockchain applications for big organizations.
"We believe that blockchain has big implications in supply chain, transportation and logistics," said Kevin Humphries, senior vice president, IT, FedEx Services. "We are excited for the opportunity to collaborate with the Hyperledger community as we continue to explore the applications and help set the standards for wide-scale blockchain adoption in our industry and others."
"Honeywell Aerospace, whose solutions are found on virtually every commercial, defense and space aircraft in service today, is pleased to join Hyperledger," said Sathish Muthukrishnan, chief digital and information officer for Honeywell Aerospace, "We look forward to leveraging the blockchain technology to solve critical customer needs and enable our position as a leading Software-Industrial Company through the Power of Connected."
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