Australian blockchain project can surpass the speed of Visa payments

Red Belly Blockchain, a project conducted by the University of Sydney, Australia, can potentially outperform current Visa mechanisms, the media reports. This became possible thanks to the team operating in the School of Information Technologies.

The more it scales up, the more it gets better, tells Dr Vincent Gramoli after seeing the test results. He provides statistics: “Our latest tests showed the Red Belly Blockchain can process more than 660,000 transactions per second on 300 machines in a single datacenter… 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.”

No wonder that banks of the world are now racing each other to implement blockchain technologies – it is as if everybody suddenly understood how to build a spaceship engine that can surpass the speed of light. Some banks collaborate on this transaction speed increase – banks of Hong Kong and Singapore being the latest example.