What Is The Red Belly Blockchain?
Australia’s University of Sydney has been developing a technology called the Red Belly Blockchain. In test conducted this past month, Red Belly processed financial transactions 50% faster than first anticipated.
The blockchain outperformed current leaders – including VISA – in terms of worldwide payment processing speeds. The trials were conducted on a global basis across multiple continents.
The Red Belly Blockchain is being developed by researchers at the University of Sydney’s School of Information Technologies.
Researchers are organized into a group called the Concurrent Systems Research Group, led by Dr. Vincent Gramoli. Trials have been underway over the past three months, and the technology continues to improve as it scales up:
Dr. Gramoli in a statement through the University of Sydney explained:
“Our latest tests showed the Red Belly Blockchain can process more than 660,000 transactions per second on 300 machines in a single data centre,
“This is a notable improvement from our tests earlier in the year, which showed our blockchain achieved a performance of more than 440,000 transactions per second on 100 machines.”
To put that number in perspective, Visa’s network – which isn’t based on blockchain technology – has a peak capacity of approximately 56,000 transactions per second. Bitcoin is limited to around 7 transactions per second.
Testing Took Place Worldwide Using Dozens of Machines
The Red Belly Blockchain’s latest round of testing took place in 14 geographical regions, including Australia, Canada, the United States, UK, Germany, Brazil, Japan, India, South Korea, and Singapore.
Testing was performed on 10 machines in each region. The tests were conducted to ensure the Red Belly Blockchain could operate across continents with no decrease in effectiveness:
“Our results confirmed that our blockchain achieves better performance than existing technologies used by financial institutions – including VISA – even when the machines that have to collaboratively provide the service are located in different continents. We do not know of any other blockchain solution that can achieve this,” Dr. Gramoli said.
The Red Belly Blockchain is built to integrate in both a private and public context. It could be used by anyone over the internet in a peer-to-peer environment, for example, or it could be used by companies in a closed, corporate setting.
How Does It Work?
According to the team’s researchers, forkable blockchains are subject to a balance attack exploit, where users can issue a balance attack to double spend and steal assets from the blockchain.
With that in mind, the Red Belly Blockchain differs from proof of work blockchains. It doesn’t consume as much electricity, although it still ensures the security of hundreds of thousands of seconds per client across trustless clients.
The Next Stage is to Make the Blockchain Available to Users
According to the University of Sydney’s release from October 25, 2017, the team’s next step is to take the blockchain public. They want to make the Red Belly Blockchain available to all internet users.
You can learn more about the University of Sydney’s Red Belly Blockchain today by visiting their official website here.