Several of the world’s biggest banks, including Goldman and BNY Mellon, recently completed a new blockchain pilot, a first-of-its-kind program demonstrating the interoperability of twenty-two independent distributed ledger applications in the capital markets domain.
The simulated transactions demonstrated that real-time settlement and immediate reconciliation across counterparty systems could be achieved while adhering to the regulatory asset control, security, and data privacy requirements to move assets safely.
The pilot brought together firms from every side of the market: with 15 asset managers, 13 banks, four custodians, three exchanges, and one financial market infrastructure provider participating in the simulated transactions and/or demonstrations.
However, if banks and traders want to truly take the next step they will need to adopt a technology which can scale at a significantly reduced cost – enter Teranode.
The BSV blockchain and Teranode – A perfect match
The BSV blockchain is well-suited for traditional banking systems due to its secure nature and efficiency. It offers a transparent and secure ledger, enabling faster transactions and reducing the risk of fraud.
Additionally, the BSV blockchain’s transparency can enhance resilience in the financial system, while programmable features allow for innovative functionalities such as conditional payments and automated compliance.
Recent advancements in blockchain infrastructure, such as the testing of Teranode on the BSV blockchain, showcase the scalability and efficiency of the technology. In January, the BSV Association R&D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future.
Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.
Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.
Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024. This is a ground-up rewrite of the BSV Blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users.
Protocol custodian BSV Association revealed a more service-oriented approach to the network’s work. The new features include ‘modularized’ functions such as transaction and block validation, plus block assembly into services that run only when required.
The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.
