The South Korean startup Bloom Technology develop a technology to speed up Blockchain transactions to 0.23 seconds. Commentary by Bloom's CEO.
Is speeding transactions on the Blockchain possible? Can they become even faster?
A South Korean startup called Bloom Technology are working on a technology that can make Blockchain transactions even faster.
As United Press International reported the company’s CEO Lee Sang-yoon Bloom’s Locus Chain technology sped up transactions’ processing times as fast as tiny fractions of seconds.
One transaction usually takes less than 0.23 seconds which is quite impressive. What makes it possible?
Bloom Technology did a public test with around 635 nodes to track the transaction speed of Locus Chain. This is when it came out that transactions take less than 0.23 seconds.
The Vice Chairman of Korea’s Blockchain Association Moon Young-bae comments:
“Locus Chain is still under development to become a complete version. But I believe that the technology is already commercially viable […] I think it is a real deal.”
Bloom Technology’s CEO explained that nowadays Blockchain transactions take “more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”
Last month South Korea designed a legal basis for turning cryptocurrencies into a clarified and transparent currency within the markets in the country. The bill behind the legal basis is yet to me approved and might become public in 2020.