South Korean startup Bloom Technology has tested a blockchain solution, which claims to process blockchain transactions faster than ever. The transactions will take place within 23 seconds as per the initial assessments.
The new Locus Chain technology has been examined by taking a public test of 635 nodes. The results proved that a single transaction can be processed between 0.13 to 0.23 seconds.
While commenting on the achievement of his team, CEO of Bloom Technology Lee, Sang-Yoon has quoted that the Locus Chain Technology has proved its capability to transact within fractions of a second and thus has reduced the processing time of blockchain transactions.
Moon Young-bae, Vice Chairman of Korea Blockchain Association, said, “Locus chain is still under development to become a complete version. But I believe that technology is already commercially viable (…) I think it is a real deal.”
He further added that the existing Blockchain technology takes longer processing time, “More than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”
What is Locus Chain Technology?
Locus chain technology is focused on resolving the problems and challenges in implementing the blockchain technology. It aims to provide solutions for higher speed, reducing enormous energy resource consumption and quantity or volume of the transactions without disturbing the basic features of blockchain technology.
The first generation blockchains face challenges of speed and limited transaction volumes. This is due to its inbuilt consensus algorithm design.
Locus technology conducts a parallel or linear transaction system that runs simultaneously on several nodes. It also aims to offers a battery-operated but highly powerful portable software system to overcome the consumption of high energy resources.