Lightning Fast Transactions
In an exciting development from Down Under, a blockchain system developed by Australia’s national science agency, CSIRO, and the University of Sydney has claimed the remarkable ability to process a staggering 30,000 transactions per second. This groundbreaking achievement was announced in a press release from CSIRO on September 25, 2023.
Red Belly Blockchain Takes the Stage
The tech wizards at CSIRO’s Data61 and the University of Sydney’s Concurrent Systems Research Group have unveiled their latest creation: the Red Belly Blockchain. This project is described as a noteworthy evolution stemming from CSIRO’s Pre-accelerator program, ON prime. The recent testing, conducted on the robust infrastructure of Amazon Web Services (AWS), utilized a whopping 1,000 machines across 18 global locations, proving that greatness knows no borders.
Setting the Benchmark
According to CSIRO’s report, Red Belly Blockchain not only achieved its impressive transaction rate but did so with an average transaction delay of just three seconds. For comparison, the blockchain giants like Bitcoin typically manage only eight transactions per second, while Ethereum hovers around 15 transactions. With plans in the works to enhance its throughput to 500 transactions, Ethereum’s Vitalik Buterin has his work cut out for him!
A Greener Approach
One significant advantage of Red Belly Blockchain is its use of byzantine consensus. This innovative algorithm completes transactions without the traditional proof-of-work (PoW) mechanism, greatly reducing energy consumption – something that Dr. Vincent Gramoli, a senior researcher at CSIRO, emphasized as a major hurdle in real-world blockchain applications. “The current issues with blockchain involve excessive energy consumption and inefficiencies brought on by proof of work,” he noted.
Previous Triumphs and Future Prospects
While this isn’t Red Belly Blockchain’s first rodeo on AWS, previous experiments between July 2017 and May 2018 had previously demonstrated an astonishing 660,000 transactions per second – though with the catch of operating within a single Availability Zone. As various sectors explore blockchain technology, the Australian Securities Exchange, which first announced its blockchain integration plans back in December 2017, has recently postponed its transition by six months. Meanwhile, excitement is brewing as Vicinity, an Australian real estate firm, gears up to test a blockchain solution for its energy network, partnering with energy tech company Power Ledger.
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