South Africa: Central Bank Is Awarded ETH Payments Blockchain

A global central banking forum has awarded its FinTech and RegTech award for Best Distributed Ledger Initiative to South Africa’s central bank for the project Khokha.

The successful project Khokha used Ethereum blockchain platform in order to process interbank payments. The distributed ledger technology testing showed that it can enable digital as opposed to analog transaction processing thus making serious improvements for transactions worldwide. This test showed that regulators need to address banks’ security and privacy issues in order to improve the entire transaction process.

Project Khokha was designed in less than three months and it showed resilience, proficiency and tested the scalability of a DLT solution for processing transactions under conditions that exist in real life on the entire payment system. The goal of the project is to successfully process transactions and at the same time following the principles for Financial Market Infrastructures. The project also established goals for transaction time, security and privacy. The biggest goal is to make scaling possible from 70,000 to 200,000 daily transactions.

South Africa’s central bank established a goal of about 96% of transactions validated in less than a second and almost 99% of transactions validated in two seconds. The important thing to know is that only the central bank could retain visibility of all the transactions that were done but all other participating banks could not view each other’s transactions. The project provided complete transactional privacy and the central bank maintained regulatory oversight of all the transactions that were processed under two seconds.

It’s important for regulators to work together in order to protect the entire financial system but also at the same time to be careful not to suppress innovation.
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