South Africa's Central Bank Claims Success in Blockchain Payment Trial


South Africa's central bank has announced some pretty astonishing results for a trial of its blockchain-based system for interbank clearance and settlement.

According to a statement released Tuesday, the South Africa Reserve Bank (SARB) said it has completed a 14-week «realistic» proof-of-concept that managed to settle the country's typical 70,000 daily payment transactions within two hours, taking an average of 1–2 seconds for each transaction – and all while preserving full anonymity.

Based on a detailed report published by the SARB on Tuesday, the pilot saw participation from members of a consortium of banks, including Absa, Capitec, Discovery Bank, FirstRand, Investec, Nedbank and Standard Bank.

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