South Korean based blockchain firm Bloom Technology claims to have created a new technology that is able to speed up transactions on the blockchain.
On Dec. 3, United Press International reported that the CEO of Bloom Technology, Lee Sang-yoon said that the firm’s Lotus Chain technology has been able to reduce blockchain transaction processing times to fractions of a second.
A Single Blockchain Transaction Takes Between 0.13-0.23 Seconds
Bloom Technology has reportedly said to conduct a public test with 635 participating nodes to reveal the transaction speed of the Lotus Chain technology. Results showed that a single blockchain transaction took between 0.13-0.23 seconds.
Vice-Chairman of Korea Blockchain Association, Moon Young-bae comments on the tests:
“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.”
Lee hints at the importance of a faster blockchain transaction by pointing out that transactions currently take often “more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”