Superbank tests payment performance, Bitcoin beats wire transfers

According to the Huobi Blockchain Research Center, Bitcoin and its revolutionary blockchain technology have many advantages, such as high security, low cost and large capacity, and another advantage is fast transaction speed. Wire transfers have been used in traditional banking systems for many generations, but now, a test result in the Japanese banking industry shows that Bitcoin blockchain technology is fully prepared to bring the existing funding system into the "gate" of the 21st century.

According to the Nikkei Asian Review, some unnamed super banks, accounting firm Deloitte and bitcoin company bitFlyer have conducted a large part of the blockchain test, and the final test was completed in September this year. The purpose of these tests is to test whether the bitcoin blockchain technology can meet the current requirements of security and high speed for the current fund transfer system. Obviously, these tests are successful.

The Asian Nikkei Times wrote: “Blockchain’s slow processing speed has always been a major constraint on the technology, but with blockchain, the researchers were able to conduct 1,500 transactions per second, which is well in line with the current bank wire transfer system’s peak processing speed of 1,400 transactions per second.

While no banks were mentioned, they are most likely three of Japan’s largest banking groups. New regulations announced this spring will allow bitcoin to be valued on par with the yen and will also allow Japanese companies to legally take advantage of the technology.

Huobi Blockchain Research Center learned that the success of these tests means that blockchain technology will be more widely used in the banking industry in 2017, and emerging companies in the blockchain field will also have many orders from the banking industry in the future.

Despite the infamous Mt. Gox experience, Japan has become one of the largest Bitcoin trading markets. The Japanese yen is now the second most exchanged currency for Bitcoin, second only to the Chinese yuan, surpassing the United States, which had almost 100% monopoly on the Bitcoin market in the early days. Although Japan accounts for less than 3% of the global market, its total funds reach nearly 70,000 Bitcoins per day, followed by the United States, which has a daily transaction volume of no more than 40,000 Bitcoins.