Start up in South Korea brings solution to speed up transactions on blockchain

Bloom Technology, South Korean firm has tested a solution to speed up blockchain transactions.
A single blockchain transaction can now happen in less than 23 seconds, as per their tests.

Ken Chigbo Independent Analyst

Bloom Technology, South Korean-based firm has announced that they have created a new technology that is able to speed up transactions on the blockchain.

It was reported that the CEO of Bloom Technology, Lee Sang-yoon, said that the company’s Lotus Chain technology has been able to reduce blockchain transaction processing times to fractions of a second.

He detailed that one single blockchain transaction takes just less than 0.23 seconds. The company were said to have conducted a public test with 635 participating nodes to reveal the transaction speed of the Lotus Chain technology.

Korea Blockchain Association Vice-Chairman Moon Young-bae commented on the tests:

“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 added commenting on current timings:

more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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