A record-breaking 50 million transactions in 24 hours: mintBlue makes blockchain history

Getting your Trinity Audio player ready...

Amsterdam, 16 March 2023 – mintBlue, a Blockchain-as-a-Service (BaaS) platform, has achieved a new record in blockchain history by processing over 50.53 million transactions in just 24 hours, marking the highest number of transactions ever processed on the public blockchain. This achievement has proven the viability of their infrastructure at scale and is equivalent to approximately 2.1 million transactions per hour or 35,000 transactions per minute, proving the platform’s ability to support blockchain features, including real on-chain storage, with extreme efficiency at enormous volumes.

To put this into perspective, mintBlue has surpassed the daily transaction averages of other mainstream blockchains such as Ethereum and BTC, with Ethereum processing 1.2 million transactions per day, and BTC processing 300k transactions per day. Furthermore, the record of transactions processed by mintBlue also surpasses the daily transaction averages of iDEAL and Adyen, two widely-used online payment methods that collectively process 35.4 million transactions per day. This impressive achievement proves the scalability and viability of mintBlue’s infrastructure and the technology they’ve built it on, which can handle such high transaction volumes while remaining decentralised, secure and cost-efficient.

The transactions processed by mintBlue were micropayments containing encrypted documents with Electronic Data Interchange (EDI) / Universal Business Language (UBL) payload for testing purposes. “We’re debunking the misconception that blockchain technology is costly, inefficient, and prone to fraud”, stated Niels van den Bergh, CEO of mintBlue. “The capabilities of our technology and the protocol we have built on allows for blockchain features, with real on-chain storage. This is an affordable way to deal with data ownership with extreme efficiency at enormous volumes.”

mintBlue’s blockchain technology operates on a protocol that guarantees the immutability, traceability, and legal validity of every file on the chain. The security of the technology is based on mathematical algorithms, ensuring its transparency and independence from developers or token holders.

“Yesterday’s record was about demonstrating, rather than simply stating, that our blockchain technology is the right solution for enterprises and can successfully address the challenges of speed, scale, and affordability, all at the same time. We invite individuals and enterprises alike to test and experience mintBlue, and discover its many possibilities for data ownership, authentication, and provenance.”, said Pieter den Dooven, CIO of mintBlue.

mintBlue offers enterprise solutions, including immutable storage, eInvoicing solutions, document authentication, data provenance. Experience for yourself how easy it is to publish data on-chain by using the mintBlue console, available here.

Blockchain World Record Details

The transactions processed by mintBlue were micropayments containing 13gb of encrypted documents with Electronic Data Interchange (EDI)/Universal Business Language (UBL) payload for testing purposes.

mintBlue	50.53 million transactions in 24 hours
Other online payment methods	iDEAL: avg. 2.4 million transactions per day Bancontact: avg. 4.5 million transactions per day Adyen: avg. 33 million transactions per day
Other blockchains	Ethereum: avg. 1.2 million transactions per day BTC: avg. 300k transactions per day Hyperledger: maxes out at 18.6 million transactions per day Corda: maxes out at 14.7 million transactions per day

 

About mintBlue

mintBlue was founded in January 2022 and since then its mission has been to empower individuals and organisations to take absolute control of their data. mintBlue is a Blockchain-as-a-Service (BaaS) platform and SDK suite that provides an incredibly easy to use code base for adding blockchain features and benefits to existing infrastructure. The development suite removes the complexity of blockchain technology so that organisations can focus on their own solution and business logic, instead of investing resources into building blockchain features from scratch. mintBlue specialises in fully compliant, patent-protected blockchain technologies and works with professional data centres. The technology has been endorsed by multiple universities as the best option for implementing the blockchain. In fact, the Central Bank of Norway has determined that mintBlue’s underlying blockchain protocol is the most suitable option for a national digital currency, and can handle more transactions than all other operational blockchains combined. mintBlue’s international reach currently provides enterprise services across Europe, and is accessible globally. Those services include immutable storage, eInvoicing solutions, document authentication, data provenance, and more.

About Niels van den Bergh

Niels is one of The Next Web’s top 500 most talented tech talents under 30 in The Netherlands, and has 10 years of experience in both digital marketing and the tech industry. Before founding mintBlue in 2022, Niels worked as Head of Growth at Growth Mechanics, for clients such as Google, MAN, WERK1 and YUNUS. After this experience, Niels worked as a strategic advisor for Dyme, a PSD2 open banking app. Niels became familiar with blockchain while doing research to serve his innovative clients with a tailored accelerator program for this new technology. Doing research it became clear to him that much of the industry is a smokescreen, and the technology was immature and not ready for commercialization. After analysing hundreds of projects, he concluded that the original blockchain technology, invented in 2008, was capable of handling everything it claimed. This empowered him to delve deeper and eventually create mintBlue, a platform that enables enterprise organisations to easily build value-add solutions with blockchain.