The Central Bank of South Africa announced plans to use blockchain technology based on the Ethereum for performing interbank transactions.
The regulator completed the testing of the platform within the Project Khokha project.
During the testing, it was proved in practice and in close cooperation with the banks of the country that the distributed ledger technology allows online processing of transactions in a simplified scheme than with traditional payment systems.
Almost 99% of all test transactions on the blockchain were processed for less than 2 seconds, and now the regulator set the task to reduce the processing time of operations at least twice. Most of all representatives of credit organizations that participated in the test satisfied the speed with which cross-border payments are carried out on the technology of blockchain.
Also, after practical approbation, bankers were convinced of a significant increase in the security of international transactions. According to the estimates of the South African regulator, with the help of the Ethereum network, the banks of the country will be able to process at least 200 thousand operations every day.
Despite the success of the network, the Central Bank of South Africa still refuses to launch its own digital currency, noting the increased risks of digital transactions.