A Sydney based team has been working on what appears to be a game changer in the blockchain technology space, especially when it comes to secure transactions for banking and international money transfers. While not currently in an ICO phase, we’re going to follow this team and their work because it could be ground breaking if it enters the public market space. The latest tests conducted by the team, showed that their Red Belly BlockChain is able to process financial transactions 50% faster than originally envisioned, completely shadowing other blockchain technologies and smashing traditional market leaders such as VISA when transacting money internationally.
People familiar with XRP and Ripple will know how exciting this space is, and following successful tests by various international banking interests, it solidifies the notion that blockchain will become the backbone of the future of banking. Dr Vincent Gramoli, leader of the Concurrent Systems Research Group developing the blockchain, has noted that during pre-production runs and trials of their blockchain the speed at which they can conduct transactions increases as they scale.
“The latest tests showed the Red Belly Blockchain can process more than 660,000 transactions per second on 300 machines in a single data centre,” Gramoli says. “This is a notable improvement from tests earlier in the year which showed our blockchain achieved a performance of more than 440,000 transactions per second on 100 machines.”
Red Belly Blockchain differs from other competing technologies as it does not use traditional proof of work mining, nor supports forking from the original block chain for a number of reasons; including dramatically increasing speed, network consistency and overall protection from potential of compromise and corruption during forks – which the team has deemed unrequired for the execution of the technology in a closed circuit loop such as banking.
The performance was observed to increase with the number of service providers while running the Red Belly Blockchain (RBBC) on 20 to 260 Amazon EC2 instances. Transactions are 360 byte-long UTXOs. Visa measurements are taken from IBM’s benchmark and Bitcoin maximum throughput is presented as a baseline.
I would highly recommend reading more about this team and their technology below, and registering on their website for updates as they progress. I’ve reached out to them via email for any additional information I can share; and will do so once I’m updated.
Futher Reading and Research
Read more here: businessinsider.com.au
Read the teams paper about Balance Attacks
Read the teams paper about From Blockchain Consensus Back to Byzantine Consensus
Read the teams other publications