{"id":21512,"date":"2017-08-02T17:35:49","date_gmt":"2017-08-02T21:35:49","guid":{"rendered":"https:\/\/www.tun.com\/blog\/?p=21512"},"modified":"2019-03-12T12:57:21","modified_gmt":"2019-03-12T16:57:21","slug":"university-of-sydney-superfast-blockchain-technology","status":"publish","type":"post","link":"https:\/\/www.tun.com\/blog\/university-of-sydney-superfast-blockchain-technology\/","title":{"rendered":"University of Sydney Researchers Building Superfast Blockchain Technology That Could Revolutionize Cryptocurrency Transactions"},"content":{"rendered":"

Researchers from the University of Sydney\u2019s <\/span>School of Information Technologies<\/span><\/a> are developing a superfast <\/span>blockchain technology<\/span><\/a> that they believe has the potential to make bitcoin-based transactions possible around the world. <\/span><\/p>\n

A blockchain is a virtual public ledger that processes and records transactions. Blockchain is the underlying technology for bitcoin, the cryptocurrency, but bitcoin hasn\u2019t taken off as a payment system due to its slow speed. <\/span><\/p>\n

Bitcoin transactions, on average, take about 30-45 minutes to complete — although they have been known to take several hours if there is heavy traffic on the bitcoin network. The bitcoin network blockchain operates at approximately seven transactions per second — a snail\u2019s pace in comparison to the VISA network\u2019s 56,000 transactions per second. <\/span><\/p>\n

But even VISA\u2019s record of 56,000 transactions per second pales in comparison to the speed of the Red Belly Blockchain. <\/span>\u201cIn recent testing, our blockchain achieved the best performance we have seen so far \u2013 with more than 440,000 transactions per second on 100 machines,\u201d said <\/span>Dr. Vincent Gramoli<\/span><\/a>, head of the university\u2019s <\/span>Concurrent Systems Research Group<\/span><\/a> that\u2019s developing<\/span> the technology, in a statement. <\/span><\/p>\n

How was this speed accomplished? <\/span>\u201cWe adopted a different approach from the existing blockchains,\u201d Gramoli told The University Network (TUN). \u201cWe discovered that the consensus problem that blockchain needed to solve was actually different from the Byzantine consensus problems the distributed computing community had been working on for more than 30 years, this is why we called it the \u2018Blockchain consensus\u2019. We then researched the most efficient solution we could find to this particular problem rather than adopting an off-the-shelf solution that was targeting a different problem.\u201d<\/span><\/p>\n

The Red Belly Blockchain is also being developed to prevent double spending, which may occur when a bug causes the blockchain to \u201cfork\u201d or split into different paths, through the use of a recommendation system that would automatically select the participants in a consensus instance. <\/span>\u201c<\/span>The \u2018Blockchain consensus\u2019 problem prevents fork by definition: it makes computers agree on a unique block at any index, hence they agree on a single branch, the \u2018chain\u2019 of block,\u201d Gramoli told TUN. <\/span><\/p>\n

The technology is expected to work in industrial environments and peer-to-peer transactions. <\/span><\/p>\n

The goal of the new blockchain technology, Gramoli told TUN, is <\/span>\u201ccombining efficiency and security in modern payment systems.\u201d<\/span><\/p>\n

[divider]<\/p>\n

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Researchers from the University of Sydney\u2019s School of Information Technologies are developing a superfast blockchain technology that they believe has the potential to make bitcoin-based transactions possible around the world. A blockchain is a virtual public ledger that processes and records transactions. Blockchain is the underlying technology for bitcoin, the cryptocurrency, but bitcoin hasn\u2019t taken […]<\/p>\n","protected":false},"author":55,"featured_media":21515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[627,231,232,230,229],"tags":[],"class_list":["post-21512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-campus-news","category-technology","category-news","category-lead-stories"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.tun.com\/blog\/wp-content\/uploads\/2017\/08\/blockchain.jpg",830,533,false],"thumbnail":["https:\/\/www.tun.com\/blog\/wp-content\/uploads\/2017\/08\/blockchain-224x144.jpg",224,144,true],"medium":["https:\/\/www.tun.com\/blog\/wp-content\/uploads\/2017\/08\/blockchain-300x193.jpg",300,193,true],"medium_large":["https:\/\/www.tun.com\/blog\/wp-content\/uploads\/2017\/08\/blockchain.jpg",830,533,false],"large":["https:\/\/www.tun.com\/blog\/wp-content\/uploads\/2017\/08\/blockchain.jpg",830,533,false],"1536x1536":["https:\/\/www.tun.com\/blog\/wp-content\/uploads\/2017\/08\/blockchain.jpg",830,533,false],"2048x2048":["https:\/\/www.tun.com\/blog\/wp-content\/uploads\/2017\/08\/blockchain.jpg",830,533,false]},"uagb_author_info":{"display_name":"Cameron Carpenter","author_link":"https:\/\/www.tun.com\/blog\/author\/cameron-carpenter\/"},"uagb_comment_info":0,"uagb_excerpt":"Researchers from the University of Sydney\u2019s School of Information Technologies are developing a superfast blockchain technology that they believe has the potential to make bitcoin-based transactions possible around the world. A blockchain is a virtual public ledger that processes and records transactions. Blockchain is the underlying technology for bitcoin, the cryptocurrency, but bitcoin hasn\u2019t taken…","featured_media_src_url":"https:\/\/www.tun.com\/blog\/wp-content\/uploads\/2017\/08\/blockchain.jpg","_links":{"self":[{"href":"https:\/\/www.tun.com\/blog\/wp-json\/wp\/v2\/posts\/21512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tun.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tun.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tun.com\/blog\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tun.com\/blog\/wp-json\/wp\/v2\/comments?post=21512"}],"version-history":[{"count":0,"href":"https:\/\/www.tun.com\/blog\/wp-json\/wp\/v2\/posts\/21512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tun.com\/blog\/wp-json\/wp\/v2\/media\/21515"}],"wp:attachment":[{"href":"https:\/\/www.tun.com\/blog\/wp-json\/wp\/v2\/media?parent=21512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tun.com\/blog\/wp-json\/wp\/v2\/categories?post=21512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tun.com\/blog\/wp-json\/wp\/v2\/tags?post=21512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}