The South Korean-based house Bloom Technology announced that they take created a new technology that is able to speed upwardly transactions on the blockchain.

On Dec. 3, United Printing International reported that Bloom Engineering's CEO, Lee Sang-yoon, said that the company's Locus Concatenation technology has been able to reduce blockchain transaction processing times to fractions of a second.

1 single blockchain transaction takes less than 0.23 seconds

The company reportedly conducted a public examination with 635 participating nodes to reveal the transaction speed of the Locus Chain technology. The results showed that a unmarried blockchain transaction took between 0.13-0.23 seconds. Korea Blockchain Association Vice Chairman Moon Young-bae commented on the tests:

"Locus Chain is nevertheless under development to become a complete version. But I believe that the technology is already commercially feasible [...] I think it is a real deal."

Lee further hinted at the importance of faster blockchain transactions past pointing out that transactions at present often take "more than than ten minutes for cryptocurrencies and fifty-fifty longer than an 60 minutes for Bitcoin."

South Korea to provide a legal basis for crypto

In November, South korea's National Assembly national policy committee passed a bill designed to provide a legal basis for crypto in the land and bring regulatory clarity and transparency to crypto markets in Republic of korea. The neb still needs to be canonical by the judiciary committee, only, if canonical, the constabulary would come into force in 2022.

This is non the get-go attempt past South Korean authorities to provide more regulatory clarity to crypto markets. In early 2022, S Korean regulators banned anonymous trading on crypto exchanges in line with anti-money laundering and identification efforts in the country.