Home / Crypto Currency / Australia’s Science Agency Scales 30,000 Txs/s on First Global Trial of its Red Belly Blockchain

Australia’s Science Agency Scales 30,000 Txs/s on First Global Trial of its Red Belly Blockchain


bitcoin Cash

Advertisement

A blockchain developed by CSIRO, Australia’s national science agency, in collaboration with the University of Sydney, has completed a global test on Amazon’s ubiquitous cloud computing network to process 30,000 transactions

As reported yesterday, the ‘Red Belly Blockchain’ – developed jointly by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Concurrent System Research Group (CSRG) at the University of Sydney – was put to use in a successful trial on Amazon Web Services (AWS), a popular cloud infrastructure provider.

While the blockchain has previously been tested to scale substantially – up to 660,000 transactions per second – on a single localized network of 300 machines, the full scale of its trial on AWS has now been revealed.

Deployed across 1,000 virtual machines in 14 of 18 geographic regions serviced by AWS, “a benchmark was set by sending 30,000 transactions per second from different geographic regions, demonstrating an average transaction latency of three seconds with 1,000 replicas”, a CSIRO announcement confirmed.

The geographical locations of the nodes running the blockchain include North America, South America, Europe and the Asia Pacific (Sydney).

Fundamentally, the experiment was to showcase the Red Belly Blockchain’s scalability while retaining the technology’s core characteristics in security and speeds, the agency said. Their blockchain relies on a unique consensus mechanism that performs and scales without adhering to the ‘proof of work’ mechanism used by popular public blockchains like bitcoin and ethereum.

“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,” Dr Vincent Gramoli, senior researcher at CSIRO’s Data61,” Dr Vincent Gramoli, senior researcher at Data61 and head of the university research group said.

He added:

“The deployment of Red Belly Blockchain on AWS shows the unique scalability and strength of the next generation ledger technology in a global context.”

Concurrently, the CSIRO is also part of a data consortium with technology giant IBM that is actively developing a large-scale, cross-industry blockchain platform dubbed the Australian National Blockchain (ANB). The nationwide blockchain platform will be powered by smart contracts.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Advertisement
Read more

Check Also

Element Zero Unveils the Stablecoins 2.0 – The “Holy Grail” of Cryptocurrency

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned The post Element Zero Unveils the Stablecoins 2.0 – The “Holy Grail” of Cryptocurrency appeared first on CCN

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.