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New trials of the Red Belly Blockchain at the University of Sydney have shown that it can process financial transactions 50 times faster than expected, which makes the procedure faster as Visa for international payments.
In July, it was initially reported that university researchers had developed a new blockchain model that could process 440,000 transactions per second out of 100 machines. This is compared to Visa's network, which can handle 56,000 transactions per second. The bitcoin is limited to about seven per second, while the blockchain ethereum can treat 20.
These latest university results show that the performance of technology improves as it increases, according to a university announcement.
Dr. Vincent Gramoli, who heads the Blockchain Competing Systems Research Group, said:
Our latest tests have shown that the Red Belly Blockchain can process more than 660,000 transactions per second on 300 machines in a single data center. This is a significant improvement over our tests performed earlier in the year, which showed that our blockchain achieved a performance of more than 440,000 transactions per second on 100 machines.
The test results came from 14 different locations: Australia, Brazil, Canada, Germany, India, Japan, Singapore, South Korea, United Kingdom and United States. Ten machines participated in the tests of each zone. .
Dr. Gramoli added that he knew of no other blockchain capable of achieving these same results.
Our results confirm that our blockchain performs better than existing technologies used by financial institutions – including Visa – even when the machines that must provide the service in collaboration are located on different continents.
The red belly blockchain is under construction to avoid the problems currently facing digital currencies such as double spending. It is different from work proof blockchains (PoW) in that it delivers performance that evolves without consuming much electricity.
The next step for the Red Belly Blockchain is to make it available to all Internet users.
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