The South African Reserve Bank selected Quorum from ConsenSys for its Project Khoka blockchain proof-of-concept to speed up development, the central bank said in a report about the initiative.
This follows a presentation from the SARB in which it detailed the success it achieved with the project in the past four months.
Project Khoka used the Ethereum-based platform that ConsenSys developed to test whether real-time gross settlements for interbank payments between financial institutions could be implemented as a distributed ledger system.
ConsenSys provided its Ethereum-based permissioned blockchain product, called Quorum, for the project.
It then connected eight banks to its network, and set up test cases to see how the distributed ledger processed transactions.
The banks were the SARB, Absa, Capitec, Discovery, Investec, FirstRand, Nedbank, and Standard Bank.
Another aim of the test was to gain a practical understanding of the technology.
No real transactions were processed, although the SARB said it made tests as realistic as possible
ConsenSys and Quorum
SARB commented on its choice of choosing ConsenSys :
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