MUFG has announced the launch of blockchain performance in million transactions per second

Financial group Mitsubishi UFJ (MUFG) issued an official statement in which has told about his plans to develop and launch in cooperation with the American provider of cloud-based platforms deliver content and applications the Akamai «hypermassive» network of the blockchain for payments that will be able to handle a million transactions per second in real-world conditions. Subsequently it is planned to increase the speed of processing 10 million transactions per second.

According to the plans of the companies of processing times should take less than two seconds. During this time the system will confirm and finalize a number of transactions in the blockchain.

To understand how ambitious these statements, just look at the throughput of the bitcoin blockchain, which is by far capable of handling up to 10 transactions per second (excluding Lightning), or on the Ethereum blockchain, where a second processed up to 20 transactions (before the transition to the consensus PoS). If we turn to more conventional payment systems, the world’s largest network of payment processing Visa per second can be processed 24 000 transactions.

However, to implement such a large-scale project and still have enough time. According to statements by the companies, the launch of «hypermassive» network is planned for the first quarter of 2020.

According to the announcement, a new payment network will process existing payment methods, micropayments, payments, support IoT and other types of payments that are used now and which will appear in the future.

However, the degree of openness of the new platform is still under question, as to date, all developed financial institutions and corporations registries are mostly only available to already passed verification by participants.

As explained in MUFG, to achieve such high-speed transaction processing in the proposed network, all the nodes of the blockchain will be posted on the Intelligent platform Akamai, which is known for its cloud services.

«The new online payment system, built on our cloud platform, developed to solve problems related to scalability, latency and security. We hope that the launch of the network, and is expected to be implemented in Japan in the first half of 2020,» said co-founder and head of Akamai Tom Leighton (Tom Leighton).

The MUFG group is among the top 5 banks in the world and manages assets in the trillions of dollars. At the time, the Bank has invested in the Japanese cryptocurrency exchange bitFlyer, as well as in the us Coinbase.

According to rumors, MUFG assembles a team of developers to create their own cryptocurrency, so-called MUFG coin that you plan to test
next year, in some areas of Japan.

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