South Africa is testing the interbank transactions on the blockchain Quorum

The Central Bank of South Africa successfully tested the project Khokha – the interbank payment system with the use of the private blockchain Quorum.

«The platform has been deployed in a realistic test environment, in which the blockchain could handle all of the daily volume of the South African system of interbank payments in real time – about 70 000 transactions in less than 2 hours (average transactions processed within 2 seconds with full privacy)», – stated in the report of the South African reserve Bank (SARB) .

In the framework of the pilot was involved local banks: Absa, Capitec, Discovery Bank, FirstRand, Investec, Nedbank and Standard Bank.

Despite the radical success of the use of technology, the Central Bank insists on the presence of issues that are necessary to solve before proceeding to full-scale implementation of the platform.

«Some of these questions relate to practical aspects of implementation and legal and regulatory factors and broader economic impact,» – say the participants of the project.

According to the report, banks-participants of the project Khokha will keep the balance in the form of a random number, and decrypts the key will be deposited at the Central Bank, which will allow him to monitor the work of banks.

«Under this payment system Khokha can be used outside of wholesale interbank payments. For example, in the exchange licenzirovanie money for the same assets, including securities or bonds,» the authors of the project.

Quorum — established in 2016 on the technology of Ethereum platform regulated private blockchain, developed by the American Bank JP Morgan for use in payment solutions for banks and businesses. Later, the project was allocated in the independent company.

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