The Australian science research body CSIRO has announced a radical improvement on blockchain technologies, which could revolutionise the real-world application of the technology and confirm Australia’s place as an innovator in this space.
The agency’s new ‘Red Belly Blockchain’ is promised to vastly improve the speed at which the technology can handle transactions, greatly increase its efficiency and reducing energy consumption. CSIRO claims its improvement can process up to 440,000 transactions per second.
For context, the Bitcoin blockchain processes around 3-7 transactions per second, while even VISA only manages 56,000 transactions per second. (The current fastest blockchain-based currency, Ripple, is 1,500 transactions per second.)
More below from CSIRO: