University of Sydney’s Blockchain Project Processes 30,000 Transactions Per SecondSep 26, 2018 at 0:07
The University of Sydney has tested a blockchain running on Amazon Web Services at groundbreaking speed.
In a report by the Financial Review (https://www.afr.com/technology/csiro-and-the-university-of-sydneys-red-belly-blockchain-breaks-new-ground-for-speed-20180913-h15byh), the Red Belly Blockchain (http://redbellyblockchain.io/) has processed 30,000 transactions per second and an average transaction delay of three seconds during its new trials.
This is compared to Bitcoin’s three to seven transactions per second, which even reaches 10 to 30 minutes for an average confirmation time as of August, the report cited data from Blockchain.com.
Red Belly Blockchain took two years and hundreds of thousands of dollars in research grants before reaching this point, said Dr. Vincent Gramoli, who heads University of Sydney’s Concurrent Systems Research Group.
“So far, blockchain had not shown it could scale and we wanted to demonstrate that a blockchain technology could scale in the number of participating machines and have performance maintained or improved with an increasing number of participants,” he said.
Red Belly Blockchain was built on a new blockchain “system” which can either be modeled after public blockchains and consortium blockchains, said Gramoli, who also works for Australia’s leading data innovation group CSIRO’s Data61.
“We’re proposing a community blockchain in between these two models. It doesn’t rely on a leader [unlike the consortium systems] because having a leader was a bottleneck to scaling … we discovered that transaction verification was also causing a bottleneck, so we improved consensus and the verification process and we were able to scale the performance,” he said.
During a previous test, Red Belly Blockchain was able to achieve 660,000 transactions per second using 300 machines in a single data center versus the 56,000 transactions per second done by Visa.
With this breakthrough, Gramoli said the project could be used in the banking and finance sectors to process transactions,as well as in other industries such as agriculture and education.