27 Feb Online Payments South Africa - Talking Project Khokha and Central Bank Digital Currencies

Payments of the future and particularly across Africa are definitely going to include Central Bank Digital Currencies.  The South African Reserve Bank with Project Khokha has been experimenting CBDC's in concert with Consensys which is Ethereum's leading accelerator.   

The goal with Project Khokha was to contribute to the global initiatives which assess the application and use cases of distributed ledger technology (DLT) through this collaborative effort piloted by the South African Reserve Bank (SARB) together with the national banking community. 

The pilot was conducted with the help of Consensys which is a full-stack, global blockchain company and the world’s leading Ethereum accelerator. This project demonstrated that the typical daily volume of the South African payments system could be processed in less than two hours with full confidentiality of transactions— a record time with such specifications.

Inter Bank Fund Transfer, Pedersen Commitments, and range proofs delivered a solid combination of scalability, resilience, confidentiality, and finality.  The aim of Project Khokha was not to replace the SARB’s standing interbank settlement system, SAMOS, but to evaluate the use case of distributed ledger technology in wholesale payments for interbank settlements.

The success of Project Khokha is compounded by the potential to apply its learnings to future blockchain in banking initiatives. The SARB has joined other central banks around the world that are leveraging emerging technology to find innovative solutions.

Please click here to accept mobile money and cards at the checkout with us 

Our thanks for inspiration and content to "ConsenSys Banking and Finance Project Khokha." https://pages.consensys.net/consensys-banking-and-finance-project-khokha-v2. Accessed 25 Feb. 2020.

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    • eCommerce payments
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