News_

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

October 25, 2017
World-wide tests reveal Red Belly Blockchain’s impressive speed
New global trials have shown the University of Sydney’s 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.

“In comparison, VISA’s network has a peak capacity of around 56,000 transactions per second, and the Bitcoin network is limited to around seven transactions per second.”

The Red Belly Blockchain was also tested across 14 diverse geographical regions – from Australia to the US, Canada, UK, Germany, Brazil, Japan, India, South Korea and Singapore. Ten machines participated in the testing in each region.

“Our results confirmed that our blockchain achieves better performance than existing technologies used by financial institutions – including VISA – even when the machines that have to collaboratively provide the service are located in different continents. We do not know of any other blockchain solution that can achieve this,” Dr Gramoli said.

The Red Belly Blockchain is a blockchain being built to work both in public and private contexts, meaning that it could be used by Internet users in a peer-to-peer fashion, as well as in an industrial environment restricted to certain users.

The blockchain technology is also being developed to avoid common problems currently plaguing digital transactions, including double spending – when an individual successfully spends their money more than once.

Red Belly Blockchain differs from proof-of-work blockchains in that it offers a performance that scales without consuming much electricity. This ensures the security of hundreds of thousands of transactions per second coming from a potentially unbounded number of clients.

Dr Gramoli said the next stage for the Red Belly Blockchain is to be made public available to all Internet users.

Share

  • News_

    • December 17, 2017
      Preparing your journey to The University of Sydney

      Choosing to be an international student is one of the most important decisions of your life, each year the University of Sydney welcomes 1,000s of international students from across 200 countries to their Sydney Campus. The University of Sydney community is an exciting, vibrant and a diverse mix of students, researchers and academics and we...

    • December 14, 2017
      Planetary Health initiative launches at University of Sydney

      Forging a path to a sustainable future Former New Zealand Prime Minister Helen Clark launches world-first Planetary Health Platform at University of Sydney. The University of Sydney’s Planetary Health Platform, launching today, will safeguard the health and wellbeing of current and future generations by building knowledge and capacity for the transformation to a sustainable world....

Related articles

  • October 17, 2017
    Gravitational waves world-first discovery Down Under

    Sydney confirms radio emission from gravitational wave event A Sydney team was the first in the world to confirm radiowaves from the latest gravitational waves event, resulting from a spectacular neutron star merger that has produced light and radio waves as well as gravitational waves. An Australian group was the first in the world to...

  • October 5, 2017
    ‘Squirtable’ elastic glue seals wounds in 60 seconds

    A highly elastic and adhesive surgical glue that quickly seals wounds without the need for common staples or sutures could transform how surgeries are performed. Biomedical engineers from the University of Sydney and the United States collaborated on the development of the potentially life-saving surgical glue, called MeTro. MeTro’s high elasticity makes it ideal for...

  • September 19, 2017
    World-first microchip: ‘storing lightning inside thunder’

    Our researchers are turning optical data into readable soundwaves As we churn through more data, cloud computing centres are overheating. Photonic chip technology offers a way forward for our insatiable appetite for information.          World-first transfer of light to acoustic information on a chip          Acoustic buffer parks information in a sound wave for later...