In line with a recent official press releaseby DTCC, the blockchain scalingissueis growingtogether withthe increasingrecognizationand public awareness of digital currencies asthere’sa risk the technologywon’tbeable tomaintainwith demand.The majorcryptocurrencies Bitcoin [BTC] and Ethereum [ETH] userestrictedsized blocks toprocesstransactions. Theadditionaltransactions thatareperformed, theadditionaldataeachblock carries,which mightcausebuckling.
As per a recent 19-week study,thatwas conductedunitedlywithglobal skilled services company ‘Accenture’ and enterprise blockchainsoftwarefirm ‘R3’,supposedlyprovedthat DLT is capable of supportinga complete day’s trading volume at peak rates. Perthe study,the very bestrates equate toaround 115,000,000 daily trades, or 6,300 trades per second for5continuous hours.
In the course of the DTCC study, researchers reportedly ran DLT performance testsemployingcommercial blockchain platforms —DAPlatform and Corda Platform. Accenturedesigneda network of overa 170nodes to imitate thefinancialschemeof exchanges and market participants supported by the DTCC. Thetestsettingfor thisanalysiswas reportedlyestablishedwithin thecloud.
The DTCC notes that the studysolelytested basicpracticality, stating thatconsequentworkshouldverify whether or notDLTis in a positionto fulfilthe resiliency, security, and operationalrequirements along withregulative necessitiesof its current clearance and settlement system.
Managing director atGlobalBlockchain Lead at Accenture ‘David Treat,’ added:
“This project answered keyqueriesanddesignedserious confidence in blockchain’s ability to drivegiantscale transformation.”
Earlier this month, BTC protocol developer Mark Friedenbach introduceda wayfor BTC scaling that claims to beready toincrease “settlementtransactionalvolumeto 3,584 times as the current levels” and improve censorship resistance. This newconceptsuggestsa significanton-chaincapabilityboost bythe meansof a Proof-of-Work (PoW) alternationthat’sdone as a soft fork, combined with useof otherpersonalledgers.
Even in July, a team of BTC engineers launched the Bitcoin Operations Technologycluster[Bitcoin Optech] addressingthe matterofquantifiability. At that stage, Bitcoin Optech wasspecializing in“operational technical work,like SegWit usage,transactionalbatching, fee estimation and coinselection,”servingcorporationsintegrate easily and quickly with the developing technology of this era.