South African Bank wins Ethereum Payments Blockchain Award
South African Bank wins Ethereum Payments Blockchain Award

A central global bank of the Central Bank, interbank payments and a blockcha Ethereum platform successfully to Khokhar successful projects for the South African central bank uses to manipulate the Best Distributed Accounting Venture placement received for price of FINTECH and regtech.

The test showed that distributed laptop technology (DLT) can be opposed to digital processing, offering significant improvements to digital processing for digital processing. The central bank’s website noted that the success of the test shows that regulators have improved global transactions by responding to banks’ concerns about security and confidentiality.

Realistic simulated tests
South African Reserve Bank, a wholesale payment system, the adequacy of a solution to make the DLT process in realistic conditions on flexibility, privacy, to test the accuracy and scalability designed Khokha project in a short period of three months and implemented. The bank used JP Morgan Chase’s Quorum network with Istanbul’s Byzantine fault tolerance and Pedersen’s commitment.

The participating banks formed their own nodes and were able to track and follow the randi as chips in the distributed book.

The main objective of the project is to successfully process transactions in accordance with the principles of financial market infrastructure. The project also defines measurable objectives in terms of performance, processing time, security and confidentiality.

One of the goals was trading from 70,000 to 200,000 days based on real-time gross payment needs of South African banks. Another day, in a trading day within two hours, in case of loss of a day of operation.

Test used used tests
The central bank approved 95% of transactions in less than one second and 99% of transactions were confirmed in less than two seconds. While the central bank kept visibility of all transactions, participating banks could not see their mutual transactions.

The network managed the daily volume in less than two hours, ensuring solution accuracy and transaction confidentiality. The central bank maintained regulatory control over processed transactions in less than two seconds over a geographically distributed network of nodes.

The Central Bank noted that regulators need to work together to protect the financial system so as not to disrupt innovation.


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