Unveiled on Oct 16, the report noted that this was due to the scalability of the technology.
With the increase in public awareness and popularity of Cryptocurrency, the blockchain technology scaling issues are continuing to grow. This clearly shows there is a risk of the blockchain not being able to keep up with the market demand. For instance, the biggest crypto coins, ETH (Ethereum) and BTC (Bitcoin) process their transactions using limited-sized blocks. That means that each block carries more data, as the transactions continue to increase, and can cause buckling.
In a recent 19-week study conducted by Accenture in collaboration with R3, the authors sought to prove that DLT can support the entire day trading volume of the equity market at peak rates. Accenture is a global company, offering professional services, while R3 is an enterprise blockchain software developer. According to the release, the highest rates are equal to 115 million per day, or about 6,300 transactions per second for five hours continuously.
While conducting the study, the researchers reportedly used commercial blockchain platforms – Corda Platform & DA Platform – to run DLT performance tests. Accenture developed a network with over 160 nodes that imitates the financial system of crypto exchanges and other market participants, facilitated by the DTCC. The research reportedly set up the test environment in the cloud.
According to the DTCC, the study only concentrated on testing basic functionality, noting that subsequent research will need to show whether DLT can meet the operational, resiliency, and security needs. The agency further stated that it would also need to meet the regulatory requirements of the current settlement and clearing system.
In a statement, Global Blockchain Lead and Managing Director of Accenture David Treat said that the project answers key questions and boosts confidence in the blockchain’s ability to be the driving force behind the large-scale transformation.
Earlier this month, Mark Friedenbach, BTC protocol developer, introduced a technique for scaling BTC. The method claims to increase the settlement transaction volume up to over 3,500 times the current level while improving censorship resistance. This new concept shows a significant on-chain capacity boost using POW (Proof-of-Work) alternation that is executed as a soft fork in collaboration with alternative private ledgers.
In July this year, a team of Bitcoin (BTC) engineers unveiled the Bitcoin Optech ( Bitcoin Operations Technology Group) to address the issue of scalability. During this stage, Bitcoin Optech was concentrating on technical, operational work, such as the usage of SegWit, fee estimation, coin selection, and transaction batches. The team would also help companies to integrate this rapidly developing technology.