Ethereum-Based Blockchain PoC to get launched by South Africa’s Central Bank

The Central bank of South Africa has introduced a new proof-of-concept (PoC) project to reproduce interbank settlement on an Ethereum-based blockchain.

According to the announcement, the South African Reserve Bank (SARB), the country’s central bank, announced a new FinTech initiative that will include ‘Project Khokha’ which is a blockchain PoC endeavor via a partnership with Ethereum coder collective ConsenSys. The central bank’s technology partner, the Brooklyn-based Ethereum blockchain developer, will enable the ‘processing of wholesale payments using Quorum,’ an Ethereum enterprise blockchain developed by JPMorgan and EthLab, an Ethereum developer startup.

The announcement described:

“This project aims to gain a practical understanding of distributed ledger technologies (DLTs) through the development of a proof of concept (PoC) in collaboration with the banking industry. The objective of the PoC is to replicate interbank clearing and settlement on a DLT which will allow the SARB and industry to assess the potential benefits and risks of DLTs jointly.”

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Former Alibaba also Partnered with Baidu Chief Architects to Launch Blockchain Academy.