Bloom Technology, a blockchain firm based in South Korea, has revealed that it has created a new protocol that can very easily increase the speed with which blockchain transactions are settled. According to reports, the startup has been able to significantly cut down the amount of time it takes to process a blockchain transaction.
CEO Lee Sang-Yoon has explained that the solution, called the Locus Chain technology, can process these transactions in a fraction of a second. Sang-Yoon says that instead of trying to process blocks in their entirety which takes too much time, Locus Chain focuses on processing transactions by unit.
Suggesting that crypto payments take too much time when compared with other methods, the CEO said:
“It would be strange if we need to wait 3 minutes to pay with a credit card. But it takes more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”
The company has already conducted a public test of the Locus Chain technology to confirm its speed. Bloom Technology, over a period of three days, involved 635 nodes in the test and the conclusion showed that one transaction took less than a second, between 0.13-0.23 seconds. The company is already trying to patent the technology.
The Vice-Chairman of Korea Blockchain Association Moon Young-bae, has endorsed Locus Chain. Young-bae passed a comment saying:
“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.”
South Korea’s blockchain space is quite vibrant as the government also recently announced it would use the technology with its billing system.
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