Central Bank of South Africa processed payments using blockchain
The pilot test managed to process the usual 70,000 daily transactions in just a couple of hours, with an average of 1 to 2 seconds per operation
Through a report, the Central Bank of South Africa announced that a successful test of its innovative payment system based on blockchain technology was carried out.
The pilot test included members of a banking consortium, including Discovery Bank, FirstRand, Absa, Capitek, Investek, Nedbank and the Standard Bank.
According to the entity, the South African Reserve Bank successfully completed a “proof-of-concept” of 14 weeks in which they could process the usual 70,000 daily transactions in just a couple of hours, with an average of 1 to 2 seconds for each transaction, all of them with complete anonymity.
Last February the SARB announced that the Khokha project would make an alliance with the Ethereum startup ConsenSys and the platform would be built on Quorum, the blockchain platform of this company and developed by the renowned investment bank of JP Morgan.
However, the entity acknowledged that although the “proof-of-concept” was a success, it does not mean that it will necessarily replace the real-time gross settlement (RTGS) system in force with the implementation of the blockchain, since it would still be pertinent to carry out more research and more regulations to the system would be necessary.
N. Moncada
Source: CoinCrispy
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