Tech Transfer eNews Blog

U of Sydney start-up aims to commercialize secure, ultra-fast blockchain

By Jesse Schwartz
Published: January 11th, 2022

A start-up from the University of Sydney aims to commercialize a secure, ultra-fast blockchain for banking and other commercial uses.

RedBelly Network has licensed the technology, known as RedBelly Blockchain, from the University of Sydney and the Commonwealth Scientific and Industrial Research Organization (CSIRO). Unveiled in 2018 as the world’s fastest blockchain, Redbelly is also significantly safer and more corruption-proof than other blockchains, according to the company.

“A problem with classic blockchain, which results in the theft of millions of dollars of assets every year, is that over time they evolve into multiple branches,” says Vincent Gramoli, inventor of RedBelly Blockchain and the start-up’s chief technology officer. “This allows corrupt activity to take place when cybercriminals transfer an amount in one branch and then contradict it in another in what’s called a balance attack. This is compounded by their ability to then erase branches, concealing the identity of the criminals.”

Gramoli designed the new technology to make that kind of activity impossible while still allowing for complex programming.

“Our environment allows for the most sophisticated and elegant product development and deployment,” he says. “Any decentralized app that currently runs on Ethereum can be ported directly into the Redbelly Network.”

In recent tests simulating a Central Bank Digital Currency application, Redbelly was capable of processing more than 100,000 secure transactions per second across three Australian data centers.

“Visa and MasterCard together rarely process more than 10,000 transactions per second even at peak times,” says Gramoli. “So our ability to safely handle ten times that amount gives us massive flexibility in the types of applications we can run on the network, where they can be deployed, and the potential user base.”

Alan Burt, executive chairman at RedBelly Network, comments, “Transactions on our blockchain are accountable and enforceable by law, and I think this makes Redbelly significantly more attractive for applications where cyber security and data sovereignty are important.”

Source: Startup Daily

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