In line with a recent official press release by DTCC, the blockchain scaling issue is growing together with the increasing recognization and public awareness of digital currencies as there’s a risk the technology won’t be able to maintain with demand. The major cryptocurrencies Bitcoin [BTC] and Ethereum [ETH] use restricted sized blocks to process transactions. The additional transactions that are performed, the additional data each block carries, which might cause buckling.
As per a recent 19-week study, that was conducted unitedly with global skilled services company ‘Accenture’ and enterprise blockchain software firm ‘R3’, supposedly proved that DLT is capable of supporting a complete day’s trading volume at peak rates. Per the study, the very best rates equate to around 115,000,000 daily trades, or 6,300 trades per second for 5 continuous hours.
In the course of the DTCC study, researchers reportedly ran DLT performance tests employing commercial blockchain platforms — DA Platform and Corda Platform. Accenture designed a network of over a 170 nodes to imitate the financial scheme of exchanges and market participants supported by the DTCC. The test setting for this analysis was reportedly established within the cloud.
The DTCC notes that the study solely tested basic practicality, stating that consequent work should verify whether or not DLT is in a position to fulfil the resiliency, security, and operational requirements along with regulative necessities of its current clearance and settlement system.
Managing director at Global Blockchain Lead at Accenture ‘David Treat,’ added:
“This project answered key queries and designed serious confidence in blockchain’s ability to drive giant scale transformation.”
Earlier this month, BTC protocol developer Mark Friedenbach introduced a way for BTC scaling that claims to be ready to increase “settlement transactional volume to 3,584 times as the current levels” and improve censorship resistance. This new concept suggests a significant on-chain capability boost by the means of a Proof-of-Work (PoW) alternation that’s done as a soft fork, combined with use of other personal ledgers.
Even in July, a team of BTC engineers launched the Bitcoin Operations Technology cluster [Bitcoin Optech] addressing the matter of quantifiability. At that stage, Bitcoin Optech was specializing in “operational technical work, like SegWit usage, transactional batching, fee estimation and coin selection,” serving corporations integrate easily and quickly with the developing technology of this era.