Researchers Create Blockchain With 7 Times More Capacity Than Bitcoin And Visa Together

Researchers at the Australian University of Sydney (USYD) are currently developing a new Blockchain model, which can, through its metrics, process 440,000 transactions per second. Project participants believe that the new system has the potential to revolutionize the global economy. The new blockchain technology was developed and researched by the University's School of Information Technology. According to the researchers, the new technology would allow an almost instant procession of crypto-currency transactions, in addition to being safe.

Compared to the Visa network, which can process approximately 56,000 transactions per second, members of the Red Belly Blockchain project claim that their system performs best. The bitcoin network, which also has limitations on its supply (21 million coins only), can handle relatively seven transactions per second. Ethereum's Blockchain has a limitation of 20 transactions per second. PayPal, the leader in internet payments (fiat currency), reported in 2015 that the company's system processes 450 payments every second.

The next step for Red Belly Blockchain would be to develop a recommendation system that would automate the selection of consensus participants that the university believes will ensure the security of its Blockchain technology.

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