The Commonwealth Scientific and Industrial Research Organization (CSIRO) has just published the results of a test performed on a blockchain network created in collaboration with the University of Sydney. According to an announcement made by CSIRO after the completion of the test, their new blockchain network can process 30,000 international transactions per second.
Data61 at CSIRO and the Concurrent Systems Research Group (CSRG) of the University of Sydney are responsible for creating the new network, which is called Red Belly Blockchain. CSIRO reported that, "The benchmark was set by sending 30,000 transactions per second from different geographical areas". According to the same announcement, the network has been tested with 1,000 nodes in 14 countries, including Asia Pacific, Europe and the Americas.
The slow transaction speed of first-generation blockchain platforms such as Bitcoin has been a major source of criticism for blockchain. Labor proof systems seem to be at the center of these problems. The new network uses a different algorithm, defined by deterministic Byzantine consensus. The new platform seems to be much faster, which could open the door to blockchain technology.
CSIRO is making progress
It is no secret that blockchain platforms have been difficult to scale according to the needs of the global economy. The Red Belly Blockchain is designed to overcome the problems of scalability and seems to be going in the right direction. The seemingly successful test was implemented using the global cloud infrastructure of Amazon Web Services (AWS).
Dr. Vincent Gramoli, senior researcher at Data61 and head of the CSRG, said that,
"The real world applications of the blockchain have struggled to take off because of problems with energy consumption and the complexity induced by the demonstration of the work" and that "The implementation of Red Belly Blockchain on AWS shows the exclusive scalability and strength of the new generation ledger technology in a global context. "
CSIRO is working with IBM to create what some also call the Australian National Blockchain. It is interesting to see that a national scientific agency is working to develop real solutions for state-of-the-art technology. Australian banks and companies have also worked hard to make blockchain-based systems for industry and consumers practical.
Lots of blocks at the bottom
Commonwealth Bank of Australia (CBA) has developed a proprietary blockchain system that has been tested during the summer. They have developed a blockchain-based platform to help exporters take advantage of the efficiency gains that the blockchain can create for the global logistics industry. They have successfully used their system to coordinate an almond shipment from Australian farmers to European importers.
The platform developed by CBA was used only to track the shipment of almonds, but it could also turn into a commercial finance platform. Many major Asian banks are developing blockchain-based commercial financing systems, which could be implemented on the market at any time.
Power Ledger continues to grow
Power Ledger is another Australian blockchain company that seems to be successful in the real world. They recently partnered with Vicinity Australian heavyweights to manage electricity in the Castle Plaza shopping center, located in Adelaide, in the south of Australia.
Read: Beginner's Guide to Power Ledger
The partnership is part of Vicinity's $ 75 million solar power program, which seeks to help Vicinity use its solar assets with maximum efficiency. The Power Ledger platform will help Vicinity choose between its solar energy and the national grid.
Justin Mills, chief executive officer of Vicinity, commented why blockchain could help businesses and consumers get the most out of their money
"We consider our partnership with Power Ledger a significant opportunity to unlock a future of more competitive energy prices for our dealers and customers, while at the same time sharing clean and renewable energy for the communities that surround our centers ".
Power Ledger is also helping businesses in the electricity business of Bangkok Sukhumvit district the other. The platform designed by Power Ledger was aired in Bangkok last month and allows to exchange 635 Kw of solar energy between four entities in one of the richest areas of Thailand. If the pilot program is successful, the Power Ledger platform could be used in over 30 other projects in Thailand.