Blockchain platform Setl hits one billion daily transactions - 1,000 times faster than Bitcoin's blockchain

 
Clara Guibourg
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Eventually Setl expects to reach 100,000 transactions per second

Blockchain platform Setl claims to be capable of processing one billion transactions per day - matching every electronic payment made globally.

Scaling up to this extent makes blockchain an even more attractive rival to traditional financial systems, as the booming fintech sector is increasingly seen not just as a viable but a cheaper alternative.

The company said in a statement:

By exceeding 1 billion transactions per day, Setl is addressing one of the fundamental issues of legacy blockchains, which, unlike Setl, are not designed for financial markets and are unable to handle market volumes.

Bitcoin's blockchain, by comparison, can handle just seven transactions per second.

Setl is calling the one billion mark a “milestone”: It’s the first time blockchain can match the volume of electronic payments made globally. Some 800m transactions were made every day in the top 10 markets, according to the 2014 World Payments Report.

Read more: Farewell corporate power: How the rise of the blockchain could change everything

Blockchain, the technology underlying digital currencies like bitcoin, is a public ledger putting all financial transactions into a sequential chain distributed to all parties.

Setl, which is building a network of distributed ledgers, suggests that its platform could reach speeds 10 times faster still. The platform, which was only announced in July, expects to eventually reach 100,000 transactions per second.

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