News

Australia Science Agency Successfully Tests Blockchain Project

A global blockchain network, a project of Australia’s federal science agency in partnership with the University of Sydney is said to be successful according to a release on the agency’s website. The blockchain solution was noted to be able to process 30,000 transactions per second.

CSIRO and Sydney University Blockchain Project

The Commonwealth Scientific and Industrial Research Organization (CSIRO) blockchain network project in partnership with Concurrent Systems Research Group (CSRG) from the University of Sydney was deployed through Amazon Web Services (AWS) global cloud infrastructure and recorded success in testing.
The blockchain network project tagged “red belly blockchain,” created by CSIRO technology arm, Data61 was tested across 1,000 nodes in 14 countries across three continents, which are, America, Asia Pacific, and Europe.
According to CSIRO, the project was tested with a standard of 30,000 transactions per second from different geographical locations with an average latency of 3 seconds, which was the first blockchain test of the agency in a global setting.
Meanwhile, the driving factor of the project by CSIRO and the Concurrent Systems Research Group (CSRG) is to solve the common problem of scalability amid the significant blockchains through the use of an alternative consensus algorithm to replace the proof of work adopted by a public network such as Bitcoin. The algorithm adopted by the two parties involved in the project is named deterministic byzantine consensus.

Blockchain Operability Issues

Dr. Vincent Gramoli, a senior researcher at Data61 and head of the CSRG, noted 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.
As noted by Gramoli, Vitalik Buterin the founder of Ethereum also stated recently that the blockchain sector ought to concentrate on the development of the technology toward making it more accessible and operable for users.
The blockchain technology has seen broad adoption and also is its level of implementation and application to the facets of the human society. However, making the technology more viable and operable would offer the world the best from the technology.
Notably, the choice of Amazon Web Services (AWS) global cloud infrastructure to deplore the red belly blockchain shows the unique scalability and the strength of the next generation ledger technology in a global context.
Also, CSIRO will use the blockchain network to facilitate large-scale businesses and financial transactions for domestic and international enterprises.

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