According to ZDNet, researchers at the University of Sydney (USYD) reported that their technology Red Belly Blockchain is capable of processing more than 660 thousand transactions per second, which is ten times higher than the performance of the Visa payment system.
For the first time, the technology Red Belly Blockchain, which has been developed in the walls of the USYD School of Information Technologies, became known in July this year. Then the developers said that their new blockchain system would be able to process 440,000 transactions per second and could drastically change the world economy in the future.
According to the head of the research group Vincent Gramoli, over the past three months, the effectiveness of the technology has exceeded all expectations.
“Our recent tests have shown that Red Belly Blockchain can process more than 660,000 transactions per second on 300 machines in a single data center. This is a noticeable improvement over previous tests when the value of 440,000 transactions per second was achieved on 100 machines,” he said.
“For comparison, the peak performance of the Visa system is about 56,000 transactions per second, while the bitbox network is limited to about seven transactions per second.”
The Red Belly Blockchain system, which is available in both private and public formats, has been tested in 14 countries, including Australia, the United States, Canada, the United Kingdom, Germany, Brazil, Japan, India, South Korea and Singapore. In each case, 10 machines were used in the tests.
“The results confirm that our blockchain has achieved higher productivity than existing technologies used by financial institutions, including Visa," Gramoli states. "The next goal is to make the Red Belly Blockchain available to all Internet users.”
Blockchain is an emerging technology that refers to a distributed ledger that is located on multiple servers and is shared by all network participants. The technology can greatly improve data security, transparency, processing speed and reduce human errors.