South Africa's Central Bank Eyes JPMorgan Blockchain Tech

Source : South Africa’s Central Bank Eyes JPMorgan Blockchain Tech
South Africa’s has launched a program that will trial ’s Quorum blockchain potential in interbank clearing and settlement. According to an official statement dated Feb. 13, the South African Reserve Bank (SARB) revealed it has established a fintech program that will prioritize, among other things, a project dubbed Khokha to explore a proof-of-concept (PoC) using the tech. The SARB further said in the announcement that it will partner with , the technology development startup, in developing the PoC. The project will involve replicating the wholesale payment process on Quorum, the enterprise blockchain co-developed by and  startup EthLab. The SARB states: “The aim of this project is to gain a practical understanding of DLTs through the development of a proof of concept (PoC) in collaboration with the banking industry. The objective of the PoC is to replicate interbank clearing and settlement on a DLT which will allow the SARB and industry to jointly assess the potential benefits and risks of DLTs.” The initiative is the latest effort from South Africa’s financial institutions to explore the application of blockchain technology. As reported in February last year, several major banks in South Africa, including the SARB, have already charted a […]
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