Reported by United Press International on December 3, Lee Sang-yoon – current head of Bloom Technology – revealed that the Lotus Chain technology developed by the firm has managed to make the processing time of blockchain-based transaction significantly shorter, down to a matter of seconds.
The firm has reportedly carried out a public test for the new tech, including 635 participating nodes that can show the transaction speed of the Lotus Chain technology. The result indicated that the time to finalize an individual blockchain transaction falls somewhere between 0.13-0.23 seconds.
“Locus Chain is still under development to become a complete version. But I believe that the technology is already commercially viable […] I think it is a real deal.” Korea Blockchain Association Vice Chairman Moon Young-bae shared remarks regarding the news.
Lee Sang-yoon also mentioned the important role an enhanced speed of blockchain transaction can play, by showing the current time required for the finalization of each transaction, “more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”