South Africa’s central bank has revealed astonishing results of Project Khokha, its proof-of-concept trial to replicate interbank payments and settlements on an Ethereum-based enterprise blockchain. The practical trial of a blockchain-based wholesale payment system lasting nearly three months since the mid-February. The central bank revealed the practical platform was deployed in a “realistic test environment” wherein the blockchain was able to handle the entire typical daily volume of South Africa’s Real Time Gross Settlement System (SAMOS).
The pilot also involved Absa, Capitec, Discovery Bank, FirstRand, Investec, Nedbank and Standard Bank. Despite the sweeping success of the proof of concept trial, the central bank insists that there are still numerous issues to tackle before bringing the blockchain platform into production. Project Khokha was announced in February by the central bank in partnership with Ethereum coder collective ConsenSys