Australia’s Commonwealth Scientific and Industrial Research Organization (CSIRO) and the University of Sydney have conducted a global test of their new distributed ledger technology, dubbed Red Belly Blockchain, CSIRO said on Tuesday. The DLT project used Amazon Web Services (AWS), a paid cloud computing system, and managed to process 30,000 transactions per second from several locations around the globe.
The trial involved around 1,000 virtual machines that covered 18 AWS regions like Asia Pacific, South America, North America, and Europe. The transactions were related to peer-to-peer (P2P) trading, but CSIRO did not disclose additional information. The Red Belly Blockchain carried out two other experiments, in 2017 and earlier this year, with similar results, but both trials were conducted only in Australia.
“A benchmark was set by sending 30,000 transactions per second from different geographic regions, demonstrating an average transaction latency (or delay) of three seconds with 1,000 replicas (a machine that maintains a copy of the current state of the Blockchain and the balance of all accounts.),” the science agency explained in a statement.
The Red Belly Blockchain has a protocol that is different from the mainstream proof-of-work (PoW) systems like the blockchain of Bitcoin (BTC), and therefore, it can manage a large number of transactions in a shorter period, according to CSIRO. The Red Belly DLT uses less energy than other similar projects, CSICO claimed.
“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,” Dr. Vincent Gramoli, senior researcher at CSIRO and head of Concurrent Systems Research Group at the University of Sydney said.
Unlike PoW, the Red Belly uses community blockchain, which goal is to bridge the gap between public blockchains and constrained DLTs, according to the project website.
“The idea is to allow potentially all participants to decide upon "some" block while restricting the set of participants deciding upon "one" block,” Red Belly project explains.