The CSIRO and University of Sydney researchers believe they’re on the cusp of launching a super-fast and super-efficient blockchain – far superior to global public blockchains such as the one behind Bitcoin.
The breakthrough announced today, following the conclusion of a large-scale trial undertaken on Amazon Web Services’ global cloud infrastructure.
The next generation ledger, dubbed ‘Red Belly Blockchain’, delivered increased speed and energy efficiences according to developers.
“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,” said Dr Vincent Gramoli, senior researcher at CSIRO’s Data61 and head of Concurrent Systems Research Group at the University of Sydney.
“The deployment of Red Belly Blockchain on Amazon Web Services shows the unique scalability and strength of the next generation ledger technology in a global context.”
During the trial Red Belly Blockchain was deployed on 1,000 virtual machines across 14 of Amazon Web Services’ 18 geographic regions, including North America, South America, Asia Pacific (Sydney), and Europe.
A benchmark was set by sending 30,000 transactions per second from different geographic regions, demonstrating an average transaction latency (or delay) of three seconds with 1,000 replicas (a machine that maintains a copy of the current state of the Blockchain and the balance of all accounts).
In comparison, mainstream blockchain technologies need minutes, with other technologies typically processing less than 20 transactions per second.
Mainstream blockchain technologies like Bitcoin require proof of work (a protocol to satisfy certain requirements and verify a transaction) and need to solve crypto puzzles, a highly computational task that slows down the creation of blocks and requires massive amounts of energy.
Red Belly’s super-fast Blockchain differs from these blockchains as it is underpinned by a unique algorithm which can scale without an equivalent increase in electricity consumption.
Developers are continuing to work on a business model for the blockchain. They believe it will be best utilised within critical industries such as banking.
CSIRO’s Data61 is also continuing to develop the Australian National Blockchain – the first large-scale, public blockchain solution available to businesses of all kinds across Australia. Click to read more.