The Australian Commonwealth scientific and industrial research (CSIRO) has successfully completed the global test network blockchain, developed in collaboration with Sydney University. Testing showed that the network is able to handle up to 30 000 cross-border transactions per second.
Test Red Belly blockchain Blockchain was conducted using the cloud services platform Amazon Web Services (AWS). Participated in the testing of thousands of nodes, located in 14 different countries of America, Europe and the Asia-Pacific region. As reported by CSIRO, a target of 30 000 transactions per second was obtained during the processing of operations from different regions, that is, when making cross-border payments. The average latency during the test amounted to three seconds.
Red Belly Blockchain was created to solve the scalability problem inherent in most blockchains, in particular the bitcoin blockchain. The developers of the Australian network used an alternative algorithm for reaching consensus is a popular method proof-of-work. The method, called deterministic algorithm for Byzantine consensus, is that the network completes the transaction after receiving a threshold of signatures, and does not wait for acknowledgement from all nodes, as in PoW, which makes the process too long.
Recall that in late August, the CSIRO said that working with IBM on the creation of large-scale blockchain-based platform for Australian businesses. It is expected that the platform will bring together all entrepreneurs in the country and will provide them with a convenient cooperation.