Bloom Technology, a South Korean based startup firm have announced that they have created a new technology that is capable of speeding up transactions on the blockchain. Essentially solving blockchain’s speed dilemma, and scalability issues.
United Press International reported on December 3rd that the CEO of Bloom Technology, Lee Sang-yoon, said that the company’s technology has huge capabilities. Their product named Lotus Chain technology has been able to bring down transaction processing times on blockchains to fractions of a second.
A single transaction in less than 0.23 seconds
The company reported conducting a public test with 635 participating nodes. Their goal was to reveal the transaction speed of the Lotus Chain technology. The results of these tests were that a single blockchain transaction took just 0.13-0.23 seconds. Moon Young-bae, a Korea Blockchain Association Vice Chairman commented on these 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 further pointed out the importance of increasing blockchain transaction times. He stated that transaction times at present often take “more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”
South Korea will provide legal basis for cryptocurrencies
South Korea’s National Assembly policy committee agreed on a new bill in November. This bill was designed to provide a legal basis for crypto in the country. Along with bringing regulatory transparency to the crypto markets in South Korea. The new bill still needs to be approved by the judiciary committee, but, if approved, the law would come into force in 2020.
South Korean authorities have attempted in the past to provide more clarity to crypto market regulations. Back in 2018, regulators in South Korean began a ban on anonymous trading within crypto exchanges. This was in order to align with anti-money laundering and identification efforts in South Korea.