A next-generation blockchain platform builder Bloom Technology claims to have developed a faster blockchain solution that addresses blockchain’s two most significant hurdles – scalability and speed.
As much as we love blockchain for its metamorphic abilities and providing us with life-altering solutions, it is also true that it has limitations. In a race to emerge as Visa-like payment alternative, blockchain’s scalability and speed problems are making themselves known and causing hindrance to its mainstream adoption. Two of the biggest names in the crypto community, Ethereum cofounder Vitalik Buterin and Binance CEO Changpeng Zhao took to social media earlier this year, to discuss what’s keeping blockchain from being used in real-world use cases.
Faster blockchain – a dream or reality?
However, a humble South Korean startup called Bloom Technology seems to have found the answer to this deep-rooted problem. On 3rd December 2019, the United Press International revealed that the firm had built a groundbreaking ledger framework called Locus Chain technology that drastically speeds up transactions on the blockchain.
In its most basic form, blockchain connects the information-containing blocks with dozens of transactions in a straight line. Thus, creating and storing blocks becomes a time-consuming process as there only one way to place them. What Locus Chain does is instantly process transactions based on account unit.
Lee Sang-Yoon, CEO of Bloom Technology, commented on the breakthrough moment by emphasizing on current blockchain transaction speed. He says that at present, cryptocurrency transactions often take more than ten minutes to confirm and even more with Bitcoin, due to network congestion.
The company reported conducting a test involving six hundred and thirty-five participating nodes to demonstrate the increase in transaction speed. The results revealed that the speed of a single blockchain transaction gets slashed from minutes to milliseconds and takes around 0.13-0.23 seconds to complete it.
Lee explained that the decentralized network does not cause stagnation even if the number of users increases – a typical problem that has perturbed Bitcoin and Ethereum users for a long time.
Meanwhile, the Korean Blockchain Association Vice-Chairperson, Moon Young-bae, commended the efforts taken by Bloom Technology and added that although Locus Chain is still in its development stage, it has the potential to become commercially accessible and sustainable.
Featured Image by Flickr
