Central Bank of South Africa successfully tested blockchain in the interbank payments

Central Bank of South Africa successfully tested blockchain in the interbank payments
Central Bank of South Africa successfully tested blockchain in the interbank payments

The Central Bank of South Africa successfully tested the blockchain Quorum in the interbank payment system. Such information was provided by the media.
According to the central bank’s report, all the goals of the “Hoha” project, at this stage, were successfully achieved, including the creation of an interbank payment system based on blockchain Quorum. Now, a group of researchers will focus on identifying problems with the stability, scalability, and confidentiality of the platform.

SARB today fully controls the South African interbank settlement system and all the obligations and reporting of state banks. With the help of blockchain, SARB plans to fully settle liabilities on assets between banks.

“The developed payment system can be applied in other scenarios, outside the interbank settlements. For example, in the exchange of tokenized assets, including securities or bonds, “SARB reports.

According to the text of the report, blockchain will store bank balances in the form of random numbers, and the decryption key will be located at the central bank, which will monitor the work of financial organizations.