The Central Bank of South Africa has completed testing its own blockchain system Khokha for interbank clearing and settlement.
The project, implemented in partnership with startup ConsenSys, was announced four months ago. It is a payment platform that is built on a Quorum (the blockchain on the basis of Еthereum from JPMorgan).
Yesterday the Reserve Bank of South Africa (SARB) published a report about the successful completion of proof of concept, which took 14 weeks. Among the participants of the pilot were representatives of the consortium of banks, such as Absa, Capitec, Discovery Bank, FirstRand, Investec, Nedbank and Standard Bank.
In that experiment, the Bank managed two hours to spend 70 000 daily payment transactions, while maintaining their complete anonymity. This means that for each block the system took only 1-2 seconds.
However, despite such impressive results, SARB has no plans to replace the current RTGS and clearing system bloccano. According to representatives of Bank, it will be necessary to prepare the new regulation and ensure compliance.
“We need to consider the assessment of supporting structures and other systems integrated with the RTGS system, as well as legal, regulatory and other factors… At the moment the introduction of a system of payments based on DLT in South Africa is not scheduled”.