According to CCN, the Khokha payment system issued by the Central Bank of South Africa recently won the Best Financial
Technology Award at the Central Bank International Forum. The payment platform was built on the basis of Ethereum, using distributed ledger technology and JPMorgan’s Quorum network, and successfully passed the three-month test period.
Banks can register nodes on the platform and then effectively track and exchange currencies to ensure the speed, security and privacy of the transaction.
The Central Bank of South Africa hopes that the platform will receive an average of more than 200,000 transactions per day, while running a one-day revenue and expenditure account within two hours.
The central bank also hopes to continue to improve the speed of the platform, for example, to be able to trade more than 95% of the transaction information in one second. All transaction data is public, but each bank “node” is unable to access the transaction history of other “nodes”.
The Bank of South Africa stated that financial regulators need to work with banks to ensure the sound operation of the financial system while not hindering the development of new technologies.