University of Sydney’s super-fast blockchain gets even faster

New global trials have shown the super-fast 'Red Belly Blockchain' can process financial transactions 50 percent faster than first anticipated - outperforming some market leaders including VISA for world-wide payments. Blockchain technology is best known as technology that underpins Bitcoin. Blockchain is a public ledger allowing secure and almost instantaneous digital transfer of virtual currencies across the world. The 'Red Belly Blockchain'  is being developed by researchers at the University of Sydney's School of Information Technologies. Dr Vincent Gramoli , who heads up the Concurrent Systems Research Group developing the blockchain, said trials over the past three months showed the technology's performance gets better as it scales up. "Our latest tests showed the Red Belly Blockchain can process more than 660,000 transactions per second on 300 machines in a single data centre. This is a notable improvement from our tests earlier in the year, which showed our blockchain achieved a performance of more than 440,000 transactions per second on 100 machines," he said.