New blockchain based payment network processes 1 million transactions per second
Akamai, one of the world’s largest and most widely used cloud delivery platforms, and MUFG, one of the world’s largest financial institutions, have unveiled plans for a new blockchain based online payment network. This network offers next-generation scalability and responsiveness to payment transactions.
One million transactions per second
This hypersbal payment network is supported by a newly developed blockchain architecture that can process more than one million transactions per second with ‘latencies’, or delays, of less than 2 seconds per transaction. And this should in time be extended to ten million transactions per second.
Transactions processed via the payment network are accelerated and secured by Akamai’s cloud security solutions. These functionalities help to realize material cost savings and improved security, so that digital payments are supported on a large scale.
Scalability, latency and security
“ This new, blockchain-based, online payment system is built on our cloud platform and is designed to solve the problems preventing large-scale use of blockchain, such as scalability, latency and security, “said Dr. Tom Leighton, CEO and co-founder of Akamai. “ Together with MUFG, we aim to offer more innovative solutions that better meet the needs of customers regarding payment processing. “
2020 in Japan
The technology, built and implemented on the Akamai Intelligent Platform, will be used for a new payment network that is expected to be available in Japan in the first half of 2020. It will offer an extensive range of services, with expected support for existing payment processes, pay-per-use, micro payments and other payment transactions based on IoT .
Nobuyuki Hirano, President and Group CEO of MUFG, “ we have high expectations of this collaboration to enable customers to support large quantities of fast payment transactions, without compromising the required security. “