The Central Bank of South Africa wins the award for a payment system on the Ethereum network

The Central Bank of South Africa wins the award for a payment system on the Ethereum network

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Answer The Central Bank of South Africa wins the award for a payment system on the Ethereum network

The Central Bank of South Africa, a global forum for central banks, awarded the “FinTech & RegTech” Award for Best Blockchain Initiative to the Central Bank of South Africa for its successful “Khokha” project, in which the Ethereum platform was used to develop interbank payments and receivables processing very successfully.

Testing has shown that distributed ledger technology (DLT), also known as “ledger of accounts,” enables digital versus analog processing, delivering significant improvements to global transactions. The central bank indicated on its website that the success of the test indicates the need for regulators to address the security and privacy concerns of banks in order to improve the processing of global transactions.

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Realistic simulation test conditions

The Central Bank of South Africa designed and implemented the “Khokha” project in less than three months to test the efficiency, flexibility, confidentiality and scalability of a DLT solution for processing transactions under realistic conditions on a bulk payment system. The bank used the JP Morgan Chase Journal network with the settlement of Byzantine errors in Istanbul, Pederson’s commitments, and a body of evidence.

The participating banks created their own nodes and were able to pledge, track and exchange the rand (unit of money) recorded in the distributed ledger.

The main objective of the project was to successfully process transactions while adhering to the principles of financial market infrastructure. The project also set measurable targets for performance, transaction time, security and privacy.

One goal was to expand the range of daily transactions from 70,000 to 200,000, based on the real-time aggregate settlement needs of South African banks. Another was to process one day of trading in two hours while dealing with a loss of one day of processing.

Test using fixed criteria

The central bank has set a goal that 95% of transactions are validated in less than one second, and 99% of transactions are verified in less than two seconds. While the central bank kept seeing all transactions, participating banks could not see each other’s transactions.

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The network was able to estimate daily volume in less than two hours, provide settlement finality and complete transaction privacy. The central bank retained regulatory oversight of transactions processed within two seconds across a network of geographically distributed nodes.

The central bank has signaled the need for regulators to work together to protect the financial system in ways that will not stifle innovation.

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