The fintech unit of South Africa Reserve Bank has announced its successful results in Blockchain payment trials for interbank and clearance settlement.
Source of information:South Africa Reserve Bank Completed Project Khokha, a Huge Success
On Tuesday, 5th June, 2018, South Africa Reserve Bank (SARB) released a statement, has completed a 14- week “realistic” proof-of-concept. It managed to resolve the country’s 70,000 daily payment transactions within 2 hours. Therefore, it takes an average of 1–2 seconds for each transaction.
The “Project Khokha”, announced on Tuesday by SARB that successfully trailed interbank settlements using blockchain based DLT (Distributed Ledger Technology). On note, the project was built on Quorum, an Ethereum-based private blockchain. Moreover, it is only project in which PoC has used Pedersen commitments and range proofs on a Quorum network using IBFT (Istanbul Byzantine Fault Tolerance).
Further, the SARB’s reports, the pilot saw participation from members of a consortium of banks. It includes FirstRand, Capitec, Investec, Absa, Discovery Bank, Standard Bank and NedBank.
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