128 Million Transactions Over 24 Hour Period
BSV Blockchain ecosystem member – Rekord, a leading IoT connectivity company – has achieved a groundbreaking new record as the primary contributor of over 100m transactions processed on the BSV Blockchain within 24 hours.
Rekord’s platform processed unprecedented on-chain transactions, challenging and surpassing the previous world record of 85Mn transactions. Rekord broke the 100m transactions per day mark with 128m transactions within the 24-hour.
This record-breaking accomplishment was part of a broader client proof of concept to test the entire workflow from collecting manufacturing data via IoT devices and placing the information on-chain.
Latest Fintech News: What Is An Industry Cloud ?
The first record was then followed by a second world record by the Rekord team, where they carried out the most transactions in a single block. Block #804142 contained 7,126,502 transactions and cost 1.35 BSV (£33.52) equating to £0.000005 per transaction.
The two records were enabled due to Rekord’s collaboration with TAAL, which processed approximately 80% of the transactions and GorillaPool, which processed around 20%. During the build-up to the test and the test itself, Rekord spent approximately 50 BSV (£1,206) equating to an average cost of £0.000009 per transaction over the 24-hour period. Rekord is set to become the consistent largest producer of on-chain transactions on the BSV network due to contracts with data-heavy customers looking to leverage the scalable nature of the BSV blockchain.
Latest Fintech News: What Is Blockchain Technology?
James Marchant, Founder of Rekord, said: “We are thrilled to have reached this significant milestone in the BSV ecosystem. Our platform’s ability to handle such a high volume of transactions demonstrates the scalability and robustness of the BSV blockchain, and proving it is the only blockchain that can handle the data often required by IoT devices.”
With this record in hand, Rekord’s future looks promising. They are targeting $35m in revenue in their first 12 months of operation and potentially adding mining capabilities and building their node software to maintain control over data collection via IoT.
Latest Fintech News: What Is Machine Learning?
[To share your insights with us, please write to sghosh@martechseries.com]
