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CSIRO and Sydney University release super fast blockchain

  • Posted on Tuesday 25th, September 2018.

The first international trial of next-generation blockchain has been a success according to CSIRO Data61.

Working in conjunction with University of Sydney, the trial demonstrated energy efficiencies and increases in speed when compared with global public blockchains like the one behind Bitcoin.

The first large-scale experiment employing the global cloud infrastructure of Amazon Web Services (AWS), Red Belly Blockchain, as it has been dubbed, is the creation of CSIRO’s Data61 and the Concurrent Systems Research Group at the University of Sydney.

During the experiment, Red Belly Blockchain was deployed on 1,000 virtual machines across 14 of the 18 geographic regions accessed by Amazon Web Services. These included significant reach into North America, South America, Asia Pacific and Europe.

The experiment achieved a benchmark by sending 30,000 transactions per second from different geographic regions. It evidenced an average transaction delay of three seconds with 1,000 replicas by which a copy of the current state of the Blockchain is kept to balance all accounts.

Previous generations of blockchain systems have been troubled by significant energy use likely to have detrimental environmental impacts in addition to double spending on single transactions and limited throughput.

The fast transaction speeds and a maintenance of high security suggest encouraging scalability for Red Belly Blockchain especially as a faster processing solution for financial transactions and peer-to-peer trading on microgrids like those used in the energy sector.

“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,” said Dr Vincent Gramoli, senior researcher at CSIRO’s Data61 and head of Concurrent Systems Research Group at the University of Sydney.

“The deployment of Red Belly Blockchain on AWS shows the unique scalability and strength of the next generation ledger technology in a global context.”

Because it offers performance that scales without the electricity consumption of mainstream blockchain technologies like Bitcoin, Red Belly Blockchain, which operates on a unique algorithm promises greater agility on a larger scale uninhibited by avoiding time consuming computational tasks such as resolving crypto puzzles during transaction verification.

Simon Elisha, Amazon Web Services Public Sector Head of Solutions Architecture said the AWS Cloud provides organisations with a global network of compute power by which the likes of Red Belly Blockchain could conduct large scale experiments as they pursue innovation.

“This is the latest example of how builders and creators all over Australia are leveraging AWS to quickly and cost-effectively move a project from concept phase right through to realising commercial potential, locally and on a global scale.”

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