The South African Reserve Bank (SARB) has completed a multi-bank testing of bank-to-bank transfers using blockchain. This test was done in collaboration with seven other banks; Absa, Capitec, Discovery, Investec, FirstRand, Nedbank, and Standard Bank.
The program, called Project “Khoka” took over 14 weeks, conducted tests which replicated transactions normally handled by the South African Multiple Gross Operation Settlement System (SAMOS), rather than handling actual transactions. The blockchain platform was based on Ethereum blockchain. The project was aimed at proving that a DLT based program might be able to replicate SAMOS which can handle 70,000 daily transfers in two hours.
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