University of Sydney (USYD) announced that its researchers are building a new blockchain technology called ‘Red Belly Blockchain’ that is believed to have the potential to revolutionize the global economy.

“Endemic to Sydney, Australia, the Red Belly Blockchain builds upon cutting edge consensus research to preserve integrity in a public consortium regardless of failures and attacks,” the website stated.

The Red Belly Blockchain offers unprecedented throughput of over 400 thousands transactions per second on 100 machines. The blockchain’s safety aspect acts as invaluable importance for significant industries like banking, payments, among others.

The university researchers includes Tyler Crain, postdoctoral fellow; Chris Natoli, PhD candidate; Gary Shapiro, passionate entrepreneur; Michael Spain, research scientist; among others. These researchers have collaborated with Data61-CSIRO and demonstrated the limitations of forkable blockchains like bitcoin and Ethereum. They also explained how one can issue a Balance Attack to double spend, which consists of stealing assets from the blockchain.

The new blockchain system is being developed by the university's School of Information Technologies and will allow instant digital transfer of digital currencies across the globe, which is said to be faster than the systems in place by the likes of card giant Visa, report by ZDNet, said.

“In recent testing, our blockchain achieved the best performance we have seen so far -- with more than 440,000 transactions per second on 100 machines. In comparison, Visa's network has a peak capacity of around 56,000 transactions per second and the Bitcoin network is limited to around seven transactions per second,” USYD academic Dr Vincent Gramoli, who heads up the Concurrent Systems Research Group developing the blockchain, said.

The university said that Red Belly Blockchain is the first blockchain being built to work both in public and private contexts. This will thus allow for exchanges to occur in a peer-to-peer fashion, as well as in an industrial environment restricted to certain users.

The university also stated that the next step of the blockchain system is to develop a recommendation system to automate the selection of the participants of a consensus instance.