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The blockchain can support daily trading volume on the US stock market

The blockchain can support daily trading volume of US Equity Market

The Depository Trust & Clearing Corporation (DTCC) conducted a study which showed that the distributed ledger technology (DLT) has sufficient scalability to support daily trading volume on the US stock market.

The problem of scalability of the blockchain is growing in size amid the growing popularity of cryptocurrency. There is a considerable risk that technology will be unable to meet the huge demand. Most popular cryptocurrencies ― Bitcoin and Ethereum ― use blocks of limited size for execution of transactions. The more transactions that are performed, the more data each block carries that can threaten a deformation of the whole chain.

A study conducted in cooperation with companies Accenture (consulting services), and R3 (development of software for the blockchain), demonstrated the ability of the distributed ledger technology to maintain the total volume of trading during the day at peak rates. The report says that the highest rates equate to 115,000,000 daily trades, or 6,300 trades per second for five continuous hours.

The researchers tested the distributed ledger technology performance using commercial blockchain platforms Corda and Digital Asset. Accenture has formed a network of more than 170 nodes to simulate the financial ecosystem cryptocurrency exchanges and the market participants that are supported by DTCC. The test environment was hosted in the cloud.

As reported by DTCC, the study only was tested basic functionality. Further work will focus on clarifying the ability of the distributed ledger technology to meet the resiliency, security, and operational needs, as well as regulatory requirements of its current clearance and settlement system.

David Treat, Managing Director of Global Blockchain Lead at Accenture, said:

"This project gave us the opportunity to get answers to basic questions, as well as the demonstrated ability of the blockchain to manage large-scale transformations".

This month, BTC protocol developer Mark Friedenbach showed a method for BTC scaling, which to increase settlement transaction volume to 3,584 times current levels and improve censorship resistance. The new concept assumes a significant increase in network bandwidth by using a regular change of the Proof-of-Work and the use of alternative private ledgers.

In July of this year, the team BTC-engineers have started the project of the Bitcoin Operations Technology Group (Bitcoin Optech), which aims to eliminate scaling issues. To date, the project focused on operational technical work like applying Segregated Witness (upgrade of protocol), transaction batching, fee estimation and coin selection. Thus the team wants to help companies to integrate the rapidly developing technology.


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