A new blockchain technology is being developed by the researchers at the University of Sydney (USYD). Based on the name of Australia’s one of the deadliest snakes, Red Belly Blockchain is believed to have a potential that would revolutionise the global economy.
The system being developed is expected to allow secure and lighting speed fast digital transfer of virtual currencies across the globe, likely to replace the systems like Visa.
USYD academic Dr. Vincent Gramoli said; “recent testing, our blockchain achieved the best performance we have seen so far -- with more than 440,000 transactions per second on 100 machines."
Visa’s network has a capacity of 56,000 transactions per second and Bitcoin limited to seven transactions per second.
Red Belly Blockchain would be the first blockchain to be able to work both in public and private contexts. According to Gramoli, the blockchain being developed in parts, which would help to avoid the common problems during digital transactions like forking.