South Korean based blockchain firm Bloom Technology claims to have created a new technology that is able to speed up transactions on the blockchain.
On Dec. 3, United Press International reported that the CEO of Bloom Technology, Lee Sang-yoon said that the firm’s Lotus Chain technology has been able to reduce blockchain transaction processing times to fractions of a second.
A Single Blockchain Transaction Takes Between 0.13-0.23 Seconds
Bloom Technology has reportedly said to conduct a public test with 635 participating nodes to reveal the transaction speed of the Lotus Chain technology. Results showed that a single blockchain transaction took between 0.13-0.23 seconds.
Vice-Chairman of Korea Blockchain Association, Moon Young-bae comments on the tests:
“Locus Chain is still under development to become a complete version. But I believe that the technology is already commercially viable […] I think it is a real deal.”
Lee hints at the importance of a faster blockchain transaction by pointing out that transactions currently take often “more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”
South Korea Gears Up For Providing Legal Basis For Crypto
Recently, The National Assembly of South Korea announced that it is going to progress a bill that would provide a legal basis for cryptocurrencies in the country. The bill would categorize virtual currencies as digital assets while intending to bring regulatory clarity and transparency to crypto markets in South Korea.
The new bill is although not the first attempt by South Korean authorities to provide an Anti-Money Laundering (AML) framework.
Source: UPI | Cointelegraph | Image: Uphold