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Upgraded Hyperledger Fabric Sees 7-Fold Increase in Transaction Speed

Upgraded hyperledger fabric sees 7-fold increase in transaction speed

Upgraded Hyperledger Fabric Sees 7-Fold Increase in Transaction Speed

Upgraded hyperledger fabric sees 7-fold increase in transaction speed

Researchers have re-engineered the Hyperledger Fabric to support almost seven times more transactions per second (TPS), according to a May 2 news release from Canada’s University of Waterloo.

A new series of optimizations increased the volume of data that the blockchain — used by financial institutions, IT giants and engineering companies — can process. Where it formerly maxed out around 3,000 TPS, the researchers claim they managed to achieve 20,000 TPS.

The university’s work focused on improving “end-to-end transaction throughput” by redesigning Fabric’s ordering service, transaction service and data management layer. This means that the blockchain is more practical for “fast-paced sectors such as e-commerce.” Christian Gorenflo, one of its PhD candidates, explained:

“Our modifications are completely under-the-hood. Fabric’s application programming interfaces and modularity stay intact, so existing applications work just as before.”

Professor Lukasz Golab said the researchers are now in discussions with major Fabric contributors who want to adopt their optimizations in future releases. Golab described the reception so far as very positive.

Professor Srinivasan Keshav explained that the team is now determined to pursue further optimizations, which they believe could take Hyperledger Fabric’s capacity to 50,000 TPS.

The Hyperledger community has been expanding apace. In February, Intel launched a commercial package through the ecosystem. The package is designed for businesses that want to launch their own blockchain quickly and efficiently.

Italy’s postal service, Poste Italiane, joined in January, following in the footsteps of America’s FedEx, which claimed the technology has “big, big implications” for supply chains and transportation.

IBM is using its Hyperledger-based blockchain platform to improve supply chain management in the mining industry and ensure commodities such as cobalt are sourced responsibly.

Published at Thu, 02 May 2019 23:17:04 +0000

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Bitcoin Through The Eyes of the World’s Most Respected Billionaires

In a recent article, The Motley Fool examines what billionaires Mark Cuban, Warren Buffett and Richard Branson have to say about bitcoin.

The Motley Fool’s Matthew Frankel writes that it can be a smart idea to listen to what some of the most successful people in the world have to say, and with that, he explores what three of the world’s most respected billionaires have to say about bitcoin.

While these are merely opinions, each brings with it a unique perspective and outlook on what is very much an emerging technology and a potentially disruptive threat to their empires.

Mark Cuban on bitcoin: The Cautious Take

Dallas Mavericks owner and investor Mark Cuban made news in the cryptocurrency world recently when he made the following tweet:

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Within hours of his tweet the price of Bitcoin fell, he then tweeted:

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While this does highlight the volatility of the bitcoin, it also brings attention to just how sustainable the coins current high price is. However, Cuban does have a great enthusiasm for the underlying technology of the blockchain.

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Warren Buffett on bitcoin: The Dismissive Take

Warren Buffett

In a 2014 CNBC interview, American business magnate and investing giant Warren Buffett dismissed bitcoin claiming that it was a technology essentially devoid of value. During the interview, Buffett offered this advice to readers:

Stay away from it. It’s a mirage, basically…The idea that it has some huge intrinsic value is a joke in my view.

Many dismissed his comments, however, since Buffett has avoided investing in new technology throughout his career, admitting that he does not understand them well enough to invest. A cautionary lesson in research there. However, Buffett’s comments did not sit well in the tech industry where he received condemnation for his criticisms. Tech venture capitalist Marc Andreessen echoed the sentiments of many in the tech industry:

The historical track record of old white men crapping on new technology they don’t understand is at, I think, 100%.

Buffett’s comments in regard to bitcoin and blockchain technology were made 3 years ago and it is entirely possible, if improbable, that his attitude has changed since.

Richard Branson on bitcoin: The Positive Take

Sir Richard Branson

Not only does UK tech billionaire Sir Richard Branson speak highly of bitcoin and blockchain technology, he also suggests applications for the technology in a socially beneficial way. Using the technology to create a better, more secure and forgery-proof land titling system is just one of the real-world applications Branson envisions. This would ideal for developing countries and places where corruption is rife, as land titles are regularly disputed.

Branson also holds annual Blockchain Summit events on his own private island where blockchain experts and developers, as well as the top minds across a wide range of industries, brainstorm new ideas and applications for the technology. Ultimately, his attitude towards bitcoin is that it is working, and working successfully. He does recognize, however, that there is room for even better solutions than bitcoin currently provides.

Have these Billionaires got the right idea about bitcoin? Should they be doing more like Richard Branson in promoting it and looking for active uses? Let us know in the comments below?

Images courtesy of Flickr, AdobeStock

The post Bitcoin Through The Eyes of the World’s Most Respected Billionaires appeared first on Bitcoinist.com.

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