South African Reserve Bank Completes Pilot on JPMorgan’s ‘Quorum’ Chain

[kreslik.news]

The South African Reserve Bank (SARB) has successfully completed the pilot of ‘Project Khokha’, a Proof-of-Concept for interbank transfers using ‘Quorum’, JPMorgan’s Ethereum-based blockchain. An official statement detailing the results of pilot said that Project Khokha’s main goal was “to build a proof of-concept (PoC) wholesale payment system for interbank settlement using a tokenized South African rand on distributed ledger technology (DLT).”

While the bank does not yet intend to replace its existing settlement systems with blockchain technology, Deputy Governor of the Central Bank Francois E. Groepe said that Khokha could act as a backup layer.

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