Researchers in Australia announced on Wednesday a successful trial run of next generation blockchain that can reach cross-border speeds of 30,000 transactions per second. Operating on Amazon Web Services’ (AWS) cloud infrastructure, the test potentially paves the way for global enterprise-scale applications of the technology.
Red Belly Blockchain is a project of Australia’s national science agency, CSIRO, in partnership with University of Sydney. According to Sept. 26 statement, the next-gen blockchain provides several improvements including solving the “environmental impact from significant energy use, double spending where an individual spends their money twice by initiating more than one transaction, and throughput, which refers to how many units of information can be processed in a short amount of time.”
The above refers to Bitcoin’s (BTC) resource-intensive network that requires sophisticated computing and vast amounts of electricity.