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South Korean Company, Bloom Technology announced a new technology to speed-up the blockchain process on Dec 3, 2019. The new Lotus Chain Technology will speed the blockchain process and reduce transaction processing times to fractions of a second. The CEO, Lee Sang-Yoon claims that One single blockchain transaction will take less than 0.23 seconds. Although the technology is still under development, Bloom Technology recently carried out a public test to show off its speed. The 635 nodes participating in the test completed a single blockchain transaction in 0.13-0.23 seconds. Korea Blockchain Association Vice-Chairman Moon Young-bae praised the firm on its success on Lotus Chain Technology.