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.\r\n\r\nThe 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.\r\n\r\nWhile 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.\r\n\r\nMoon Young-bae, Vice Chairman of Korea Blockchain Association, said, \u201cLocus chain is still under development to become a complete version. But I believe that technology is already commercially viable (\u2026) I think it is a real deal.\u201d\r\n\r\nHe further added that the existing Blockchain technology takes longer processing time, \u201cMore than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.\u201d\r\nWhat is Locus Chain Technology?\r\nLocus 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.\r\n\r\nThe first generation blockchains face challenges of speed and limited transaction volumes. This is due to its inbuilt consensus algorithm design.\r\n\r\nLocus 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.