One of the largest banks of South Africa joined the global Blockchain-the consortium led R3CEV. Absa Bank, which is a subsidiary of Barclays Africa, has announced its accession to the group this morning. The R3 consortium includes more than 40 banks and non-Bank credit and financial organizations around the world. The last to join the project companies are Bank of China Ping An insurance and financial firm a subsidiary of automaker Toyota. The terms of the partnership include the formation of a working group that will focus on creating local decentralized databases with the aim of launching the "first on the continent of decentralized banking solutions". Andrew Baker, Director of information technology at Barclays Africa, commented: "We see huge potential for financial institutions in Africa who dare to use advanced technologies such as the Blockchain. This way they will be able to expand their capabilities, and to improve the lives of their clients. However, real results will only be achieved if we will work together."