USyd blockchain to overperform Visa by more than 10 times

The University of Sydney announces Red Belly Blockchain capable of overperforming Visa by more than 10 times
26 October 2017   507

The University of Sydney (USyd) announces that its Red Belly Blockchain is capable of processing financial transactions 50% faster than first anticipated, noting that its "super fast" speed is outperforming the likes of global giant Visa.

Red Belly Blockchain by USyd
Red Belly Blockchain by USyd

Revealed in July, the new blockchain technology is believed to revolutionise the global economy.

Dr Vincent Gramoli, the head of the Concurrent Systems Research Group developing the blockchain, claims that trials over the past three months have shown the technology's performance gets better as it scales up.

Our latest tests showed the Red Belly Blockchain can process more than 660,000 transactions per second on 300 machines in a single datacentre. 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. In comparison, Visa's network has a peak capacity of around 56,000 transactions per second, and the bitcoin network is limited to around seven transactions per second.
 

Dr Vincent Gramoli
The head of the Concurrent Systems Research Group 

The Red Belly Blockchain has been tested across 14 geographical regions from Australia to the US, including Canada, the UK, Germany, Brazil, Japan, India, South Korea, and Singapore. 10 machines participated in the testing in each region.

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 Vincent Gramoli
The head of the Concurrent Systems Research Group 

 

As reported, the next stage for the Red Belly Blockchain is to be made publicly available to all internet users.

Genesis Conference to be Held in London

Genesis Conference will cover research and development, regulation, economics and applications issues, taking place in London on February 22
21 February 2018   26

Genesis London Conference will take place on February 22, tackling the most pertinent issues in blockchain space: research and development, regulation, economics and applications.

Genesis London is a platform for researchers, developers and generally anyone interested in blockchain, and its priority is to share knowledge, facilitate productive discourse and filter out the hype.

Location: The CityPoint building, 1 Ropemaker St, London, EC2, UK
Date and time: 9:30AM - 8PM, February 22, 2018

The agenda of the conference includes Privacy and Confidentiality Techniques for Blockchains; Permissioned Business Blockchain Applications and Use-cases; Scalable, Transparent and Post-quantum Secure Computational Integrity, with Applications to Cryptocurrencies; A Rational Protocol Design Treatment of Bitcoin, and more.

The headline speakers include Patrick de Laive, co-founder of TNW; Margarita Khartanovich, head of insight at Binary District; Jack Gavigan, chief operating officer at ZCash; Jeremy Kahn, technology writer for Bloomberg, and many more.