Red Belly Blockchain Shows Increased Speed In Large-Scale Trialbr>
CSIRO’s Data61, Australia’s digital innovation network, and the Concurrent Systems Research Group at the University of Sydney (USyd) has completed a large-scale blockchain trial using the Amazon Web Services (AWS) cloud.
Data61 and USyd’s research group developed “Red Belly Blockchain,” an innovative platform which offers performance that scales without an equivalent increase in electricity consumption. The platform aims to solve the issues that have plagued previous generations of blockchain systems, including environmental impact from significant energy use, double spending, and throughput.
The trial, which involved deploying Red Belly Blockchain on 1,000 virtual machines across 14 of AWS’ 18 geographic regions, has shown an average transaction delay of only three seconds and a throughput of 30,000 transactions per second.
“In comparison, mainstream blockchains need minutes, with other technologies typically processing less than 20 transactions per second,” the official release said. “The experiment highlights Red Belly Blockchain’s scalability, while retaining fast transaction speeds and high security, making it ideal for faster processing of financial transactions and microgrids that use peer-to-peer trading to transform the energy sector.”
CSIRO said the trial is comparable to the latency obtained during a test in 2017, where a throughput of 660,000 transactions per second was achieved across 300 machines in a single Availability Zone. The latest trial spun up a global network designed to test Red Belly Blockchain’s performance on a large scale.
Dr Vincent Gramoli, senior researcher at CSIRO’s Data61 and head of Concurrent Systems Research Group at the University of Sydney, said that 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.
“The deployment of Red Belly Blockchain on AWS shows the unique scalability and strength of the next generation ledger technology in a global context.”
Simon Elisha, Head of Solutions Architecture, Amazon Web Services Public Sector, Australia and New Zealand, said that AWS Cloud provides innovative organizations of all kinds with a global network of compute power, allowing organizations like Red Belly Blockchain to quickly conduct large-scale experiments that break new ground.
“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,” Elisha said.