Blockchain Transactions Could Take Less Than A Second Thanks To South Korean Startup Testing

Bloom Technology, the South Korean-based company has just recently announced that they have created a fresh kind of technology that is able to make transactions on the blockchain significantly faster.

On December 3rd, it was reported by United Press International that Bloom Tech’s CEO, Lee Sang-yoon, said that the company's Lotus Chain technology has been able to lower the processing times on the blockchain transactions. How much lower? Well, it is allegedly down to just fractions of a second.

The company reportedly conducted a test with the public as around 635 participating nodes reveal the transaction speed of the Lotus Chain technology. So, the results showed that just one blockchain transaction took between up to 0.23 seconds, which is very fast in context. 

Moon Young-bae, Vice-Chairman of the Korea Blockchain Association commented stating:

"Locus Chain is still under development to become a complete version. But I believe that the technology is already commercially viable [...] I think it is a real deal."

Lee further went onto cite the importance of faster transactions on the blockchain by highlighting that transactions at present take “more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin,” as it currently stands.

As per CoinTelegraph, last month “South Korea’s National Assembly national policy committee passed a bill designed to provide a legal basis for crypto in the country and bring regulatory clarity and transparency to crypto markets in South Korea. The bill still needs to be approved by the judiciary committee, but, if approved, the law would come into force in 2020.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!