On Tuesday the Commonwealth Scientific and Industrial Research Organization (CSIRO) announced that it had made a breakthrough in global blockchain test.
The test involved developing a highly scalable payment system. It was developed in collaboration with the University of Sydney. The two say that the system they developed can process up to 30,000 cross-border transactions per second.
The test results were deployed using the Amazon Web services (AWS) a global cloud infrastructure. The system is dubbed the Red Belly Blockchain and was created by Data61, CSIRO’s technology arm and Concurrent Systems Research Group (CSRG) from the University of Sydney.
The network was tested across 1,000 nodes in 14 countries in the Asia Pacific, Americas, and Europe. Now, CSIRO claims the benchmark obtained set after sending 30,000 transactions per second from different locations with an average latency of 3 seconds. It’s the agency’s first blockchain test in a global setting.
The main goal of the network is to address the issue of scalability, a problem that has faced many blockchains. The system uses an alternative consensus algorithm which is different from the proof of work mechanism that is used by major public networks like bitcoin.
A paper recently published by CSIRO and the University of Sydney says the two used an algorithm called deterministic byzantine consensus. According to the paper, the network completes transactions after receiving a threshold of messages as opposed to having to wait for confirmations from nodes that are slow.
Dr. Vincent Gramoli, the head of the CSRG and a senior researcher at Data61 in the announcement, said:
“Real-world applications of blockchain have been struggling to get off the ground due to issues with energy consumption and complexities induced by the proof of work.”
“The deployment of Red Belly Blockchain on AWS shows the unique scalability and strength of the next generation ledger technology in a global context.”
CSIRO’s ultimate goal is to use the network to facilitate large-scale financial transactions.
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