Blockchain EOS can process bank transfers, wire transfers, etc. The EOS blockchain is already able to manage and process all bank transfers immediately and without any intervention, while at least a 4-fold increase in the current network is achieved compared to Visa and Mastercard payments. The maximum number of transactions per second (tps) that the EOS chain achieved was 3996 and that number if we multiply it to the maximum and therefore for the 24 hours we get a total of over 340 million daily transactions that these Support blockchain.
Alfredo de Candia
Author of “Mastering EOS” & “Mastering DeFi” blockchain specialist, Android developer
Starting from the origins of the history of the blockchain, born and evolving with Bitcoin, we see that the same was born to create a better system for almost instant transmission to anyone, anywhere in the world, at low cost and without anyone Mediator, hence a peer-to-peer system for digital money.
Although this idea has since evolved into a simple store of value, we see that other blockchains have been born and have developed different and additional things compared to the first that will improve useful aspects like the speed of the transaction and the number of transactions itself being processable .
Now let’s turn our attention to which blockchains can support the traditional banking system and whether they use a blockchain to handle bank transfers, bank transfers, etc.
In order to make an at least real analysis of the possibilities offered, let us take some, if not exhaustive, data from the various and most widespread traditional transfer methods, in this case the American system Fedwire and FAST which mainly operates in Europe (we take the annual data and share it for 12 months and the same for 30 days):
- Regarding Fedwire, we have a daily average of approx. 600,000 transactions
- Regarding FAST, on the other hand there is about 33.5 million transactions per day
If we take that instead Data of VISA and MasterCard only then do we have:
- CA 388 million transactions per day and worldwide for Visa
- for MasterCard about 242 million transactions per day and worldwide
Now let’s analyze the various blockchains for the maximum number they have registered in a day. here all data:
- Blockchain EOS over 81 million transactions
- Blockchain XRP over 28 million transactions
- Blockchain Telos (sister chain of EOS), over 18 million transactions
With this data, we can see that only the EOS blockchain can already manage and process all bank transfers immediately and without any intervention, while an increase of at least 4 times the current network compared to Visa and Mastercard payments.
But is it really like that?
Perhaps not everyone knows that the maximum number of transactions per second (tps) is reached by the EOS blockchain was 3996 and this number if we multiply it by the maximum and therefore for the 24 hours we get a a total of over 340 million daily transactions that he succeeds in supporting this blockchain.
But this blockchain doesn’t stop there, because only in the Test network the EOS blockchain itself, 9170 t / s are reached, which we multiply here by 24 hours and see with astonishment that it is just below that 800 million daily transactions who is able to handle this blockchain perfectly, that is larger than all combined Visa and MasterCard daily transactions.
So, as we have seen from the data, only the EOS blockchain can manage the traditional payment system, and let’s not forget that Google Cloud itself has joined the EOS project and thus a giant that offers and can provide cloud solutions for various financial institutions such as banks.
In fact, more and more banks will start to manage various digital and crypto assets, such as: Bitcoin (BTC) and not just assets that we happen to find on the EOS blockchain in various forms, such as pBTC and pETH, exploiting the Bitcoin asset, but with all the benefits and speed of the EOS blockchain.
In addition, Block.one, the company that developed the software on the basis of the EOS blockchain EOS.io, has always kept itself in line with the various American institutions, especially with regard to the applicable law, which is de facto excellent for all who want to be compliant with the American legal system and not and consequently excellent blockchain for all those financial institutions and not like banks that can operate in a secure system that has already been approved by the legal system, also because there is a lot of understanding and cohesion, especially with the American one Establishment and Block.one, which resulted in the EOS blockchain being viewed as a reference blockchain to be used by a centralized system.
Finally, let’s not forget those Professionalwhich is a programmable financing in accordance with the American legal system and therefore hybrid systems of decentralized financing with centralized financing elements such as e.g. KYC (know your customer) and therefore use the EOS blockchain to interact with centralized institutions such as banks that have an institutional position and are therefore directly active.
To learn more about the EOS Blockchain in detail, I refer to the book Mastering EOS – Practical instructions for beginners and advanced users which, among other things, can be downloaded for free for everyone who owns Amazon Kindle Unlimited and is also free of charge for 30 days.
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