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Blockchain Setl platform allows users to make one billion transactions per day

Blockchain platform Settle reached the theoretical amount of transfers in 1 billion transactions per day. The company calls its achievement of "a new milestone" in cryptocurrency scaling technology.

The company, which is the brainchild of Kalligana Anthony and Peter Randall trading builds a network of distributed registries, which can be exchanged in cash in real time. According to the creators, Settle can now exceed the global volume of e-payments "on a global scale in real-time."

Blockchain technology is gaining momentum, as a cheaper and compact alternative to the traditional financial system. At the same time, the loss of large corporations on the transfers is for about $ 65-80 billion a year. At the same time, bankers are still skeptical about bitcoin.

According to data provided by the World Payments Report for 2014, the turnover of the 10 largest global markets amounted to 800 million payments every day, or 9,258 transactions per second. Note that Bitcoin blockchain can now handle an average of 7 simple transactions per second.

Technology, opened by someone under the pseudonym Satoshi Nakamoto, and provides the best conditions for compliance with the rules on anti-money laundering policies and KYC (Know Your Customer), which is an advantage for highly qualified regulators.

Settle, as well as other platforms employing distributed registries, seeking to address these issues. They also require that all users comply with certain rules. According to the company, they are in the process of discussing the integration of its platform with the 40 largest financial institutions.

Setl can operate across Europe, using a network of connected blokcheynov that communicate by means of so-called "nodes confirmation." When test run Settle in July were processed 5,000 transactions per second, which is equivalent to the volume of payments at 432 million dollars a day.