Australia’s Commonwealth Scientific and Industrial Research Organization (CSIRO) has completed a test with the University of Sydney to improve the speed of cross-border transactions.
The new Red Belly Blockchain network, which has been created with support from the Concurrent Systems Research Group (CSRG) from the University of Sydney, is capable of processing 30,000 cross-border transactions per second.
The CSIRO is an independent Australian federal government agency responsible for scientific research. Its chief role is to improve the economic and social performance of industry for the benefit of the community. The organization has a hugely diverse portfolio of aims across all sectors, even monitoring the risk that plastic pollution poses to the world’s declining sea turtle populations.
The recent network test was carried out by CSIRO’s tech arm, Data61, covering 1,000 nodes across 14 countries in the Americas, Asia Pacific, and Europe. The organization claims its benchmark was set “by sending 30,000 transactions per second from different geographic regions”.
Senior CSIRO researcher at Data61 Dr Vincent Gramoli said, “Real-world applications of blockchain have been struggling to get off the ground due to issues with energy consumption and complexities induced by the proof of work.”
With an average latency of three seconds, the Red Belly Network promises to be capable of facilitating large-scale business in the country and boosting smart contract usage. In keeping with Australia’s push to promote fintech in the country, such research is immensely important if the country is to become the regional blockchain hub that it aspires to be, according to recent government statements.
The new prime minister Scott Morrison has indicated that the country needs to continue on its research and development if its to keep on its current path. Morrison noted that the contributions of distributed ledger technology (DLT) and blockchain in the financial sector would continue to create “massive opportunities”. He maintained that the Australian banking system would also be able to utilize these technologies to transform areas of consumer data rights, open banking reforms, and new legislation.
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