The Commonwealth Scientific and Industrial Research Organisation, an independent Australian federal government agency focused on scientific research, and the University of Sydney claim to have found a blockchain (Red Belly), which can process a substantially higher volume of transactions than others, Financial Review reports.
Red Belly blockchain tests that are ongoing on Amazon Web Services indicate 30,000 transactions per second; for comparison, Bitcoin processes 3-7 tps.
The University of Sydney's Dr. Vincent Gramoli said: "So far, blockchain had not shown that 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… These days there are multiple blockchain systems. There's public blockchains like bitcoin and Ethereum that don't try to solve consensus ahead of time ... but then later try to avoid forks … which means the latency is quite large,"
Dr. Gramoli underlines that Red Belly would benefit the banking and finance sectors as well as agriculture and education.
Anton Uvarov, Cosmos Capital Australian general partner: "We're aware of several competing projects from heavyweights in the U.S., namely MIT and Cornell. However, having invested time and research analyzing Red Belly, it appears to be the first one to address lack of accountability in blockchain technology, unlike current blockchains like ethereum and EOS."
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