Blockchain Platform Setl Exceeds 1 Billion Transaction 'Milestone'
Blockchain platform Setl claims to have surpassed 1 billion transactions per day, in what it terms a "milestone" for scaling the technology.
UPDATE (12th October 14:17 BST): Comment added from Setl CEO Anthony Culligan.
Blockchain platform Setl claims it is now capable of processing 1 billion transactions per day, a figure it terms a "milestone" for scaling the technology.
The firm, which is building a private network of distributed ledgers that can settle cash and assets in real time, says its testnet can now match the volume of non-cash electronic payments made globally.
When announced in July, Setl's network was handling 5,000 transactions per second, which amounts to 432 million a day.
The company said in a release:
While blockchain technology is gaining traction as a cheaper, leaner alternative to legacy financial systems – settlement, for example, currently costs firms $65–$80bn annually – bankers remain skeptical about the speed and reputation of open systems such as bitcoin.
According to the 2014 World Payments Report, the top 10 markets make 800 million payments each day, or 9,258 per second. By contrast, bitcoin's blockchain can process under 10 per second. The technology also presents anti money laundering and know your customer risks for these highly-regulated institutions due to its open, pseudonymous nature.
Setl, like other 'permissioned' ledgers, is looking to eliminate these risks for banks by requiring all its users to be certified following due diligence. Additionally, regulators will be able to view real-time transactions on Setl – which will function as a series of 'linked' blockchains – with "full transparency".
CEO Anthony Culligan told CoinDesk:
The company, which claims to be in discussions with 40 key financial institutions, was co-founded by Peter Randall, former CEO of Chi-X – now the largest equity trading venue in Europe.
Culligan said Randall had achieved his success by creating consensus amongst a group of participants who would otherwise be in strong competition, adding:
Transactions image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.