Australia’s national scientific research agency, Commonwealth Scientific and Industrial Research Organisation (CSIRO) and Sydney University developed a blockchain system which can process 30,000 transactions per second. The test was done on Amazon Web Services (AWS) Cloud.
CSIRO’s technology arm Data61 and University of Sydney’s Concurrent System Research Group has created Red Belly Blockchain under CSIRO’s Pre-accelerator program, On Prime. According to CSIRO and Concurrent System Research Group, the first experiment was held on Amazon cloud across 1,000 virtual machines over 14 Amazon Web Service Geographic regions including North and South America, Europe, and Australia. In the trial, the next generation blockchain showed a performance of 30,000 transactions per second from different geographical locations with an average transaction delay of three seconds. The Red Belly Blockchain will resolve several issues of blockchain technology including reducing the environmental impact from significant energy use, double spending, and throughput. Bitcoin’s resource intensive network requires sophisticated computing and a huge amount of energy while the newly developed technology requires significantly less energy while enabling almost 30,000 transactions per second across nodes located in different time zones. operate The test has paved the way for business all over the world to scale applications of the blockchain technology.
Bitcoin infrastructure can process up to eight transactions per second while Ethereum blockchain can process 15 transactions per second. Vitalik Buterin is planning to scale the transaction per second to 500 by using ZK-SNARK to mass validate transactions. According to a CSIRO report, Red Belly Blockchain uses Byzantine consensus algorithm which can complete transactions without proof of work (PoW) so it requires less energy.
Red Belly Blockchain offer fast transaction speed and high security which makes it ideal for faster processing of financial transaction and microgrids which use peer to peer trading to transform the energy sector. The unique algorithm of Red Bell Blockchain enables scalable performance without an equivalent increase in electricity consumption. Red Belly Blockchain showed a throughput of 660,000 transactions per second in the experiments conducted from July 2017 to May 2018. During these experiments, the next-gen blockchain has used 300 machines of a single time zone while in the latest experiment the blockchain used multiple time zones on AWS infrastructure.
According to the senior researcher at CSIRO, Dr Vincent Gramoli the current problems with real-world application of blockchain technology are high energy consumption and complexities such as proof of work. The next generation Red Belly Blockchain will resolve all these issues and will encourage the enterprises to use the technology.
Organisations around the world are planning to implement blockchain technology. Recently Australia’s security exchange is working towards implementing blockchain technology to replace its current system for processing equity transaction. Vicinity an Australian real estate company is also planning for the trial of blockchain solution for its energy network in partnership with energy tech company Power Ledger.