South Africa's central bank has announced what could be argued are astonishing results for a trial of its blockchain-based system for interbank clearance and settlement.
Still, SARB stated in the report that the success of its proof-of-concept doesn't mean it plans to replace the existing real-time gross settlement (RTGS) system with a live blockchain implementation. For that, more study is needed, the central bank said, and relevant regulatory and compliance systems would need to be in place.
The bank said in the report:
As previously reported by CoinDesk, SARB first announced the trial of the project, dubbed Khokha, in February, in partnership with ethereum startup ConsenSys. The payment platform is built on top of Quorum, the enterprise blockchain platform developed by investment bank JPMorgan.
South African rand via Shutterstock
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