An Australian federal science agency claims to have a global blockchain network that is capable of processing 30,000 cross-border transactions per second.Speed is one of the core issues that blockchain technology is actively seeking to improve. The quicker that important information can be exchanged, verified, documented and signed off on, the sooner access to capital can be granted with verifiable safety.
Inveniam has long seen the critical importance that the speed of the blockchain has when it comes to closing financial deals:
“Legacy systems typically clear a security in two to three days, with settlement of private loans taking weeks using fax confirmation. Brokers and dealers will struggle with settlement questions. The distributed ledger facilitates instantaneous settlement and clearing—notwithstanding the minimal validation time of the blockchain that records the event. Consensus about the validity of the transaction, the payload of the chain, will occur globally within five to ten minutes.”