An announcement from Japans largest bank MUFG (Mitsubishi UFJ Financial Group) (PDF) disclosed the details of cooperation with Akamai (Akamai, a global CDN/cloud computing company).MUFG announced the launch of a ultra-large-scale blockchain support system, and plans to combine payment technology with Akamai cloud computing technology to develop a blockchain transaction system. The system can handle 1 million transactions per second with low transaction costs.MUFG expects this technology to continue to be upgraded, with the goal of reaching 10 million transactions per second.
The MUFG blockchain transaction system is expected to be put into operation in 2020.
In terms of transaction confirmation time, this blockchain system can confirm the completion of a transaction within 2 seconds.
Compared with the speed of other network transaction systems, the current peak transaction speed of Bitcoin is 7 times per second, the peak transaction speed of Ethereum is 20 times per second, the official value of the transaction speed of the worlds largest payment network Visa is 24,000 times per second, and the peak transaction speed of EOS is publicized It can reach 1 million times per second.
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We will provide an open platform to support multiple payment methods. MUFG continued to add. Since private companies or bank blockchains are all using private chains, whether the network can be fully open requires further investigation.
MUFG did not introduce the details of the blockchain transaction system. MUFG only mentioned that all nodes of this blockchain transaction system will be placed on the Akamai smart platform to achieve ultra-high-speed transactions.
Akamai co-founder and CEO Tom Leighton added: This blockchain transaction system is built on our cloud platform to solve the problems related to the scalability, latency and security of payments.
MUFG is one of the top five banks in the world with more than one trillion dollars in assets. The bank has always been very bullish on the cryptocurrency and blockchain fields. Back in November 2016, MUFG developed a set of payment pilot projects using blockchain technology. The project beat the Japanese bank wire transfer system (1400 transactions per second) with 1500 transactions per second.
In addition, MUFG has also formed a blockchain research and development team,(I am Zhao Huanxin, a reporter from Odaily. I am exploring the real blockchain. Please add WeChat 17778170972 for breaking news and communication. Please note your name, unit, position and reason.)
(I am Zhao Huanxin, a reporter from Odaily. I am exploring the real blockchain. Please add WeChat 17778170972 for breaking news and communication. Please note your name, unit, position and reason.)
