Japanese bank blockchain remittance test speed reaches 1,500 transactions per second

Rage Comment : Traditional financial institutions in Japan are relatively active in the field of blockchain technology, and many large banks and research institutions are conducting applied research and development. Recently, three unnamed large banks in Japan conducted a remittance speed test on the blockchain, and the test results were slightly better than the traditional telegraphic transfer transaction processing volume during the peak period. This is an important breakthrough for Japan in overcoming the obstacles to the popularization and practical application of blockchain.

Translation: Annie_Xu

According to local news reports, this week three major Japanese banks conducted a blockchain remittance speed test; the test results showed that the blockchain remittance speed can reach the speed of existing bank remittance systems. Although it is unclear which banks, they reportedly conducted a proof of concept test at a research forum last year, the forum's participants included Tokyo-based BitFlyer Bitcoin exchange and Deloitte Tohmatsu. The trial is scheduled to end in September.

The interbank blockchain remittance speed reached 1,500 transactions per second, and the peak bank wire transfer transaction volume was 1,400 transactions per second. The speed of blockchain transaction processing has always been an important factor affecting its popularity, so the experimental results are surprising. One of the major obstacles that needs to be overcome before blockchain can be used commercially is speed.

The report said the banks plan to release detailed experimental results in a few months; much work needs to be done. Security and reliability issues need to be addressed before the financial industry can apply distributed ledger technology on a large scale. At the same time, the banks decided to cooperate with start-ups to develop commercial applications of blockchain technology.