The Central Bank of South Africa published the results of tests of the system for carrying out inter-bank settlements and clearing on the detachment, CoinDesk reports.
In a statement released Tuesday, the South Africa’s Reserve Bank (SARB) said it completed a 14-week “realistic” test, during which it managed to accommodate 70,000 payment transactions, usually processed during the day, at 2 hours of work. At the same time, full anonymity was maintained, and the release of each block took 1-2 seconds.
The consortium of banks participated in the tests, among which Absa, Capitec, Discovery Bank, FirstRand, Investec, Nedbank and Standard Bank are among the participants.
SARB notes that the success of the pilot project does not mean that the bank will replace its real-time gross settlement (RTGS) with a blockchain system. Before this can happen, it is necessary to conduct additional studies and establish appropriate regulation, the agency explained.
“Key points that require further consideration include the evaluation of supported frameworks and other systems that integrate with the RTGS system, as well as legal and regulatory factors. Currently, South Africa does not plan to switch to a full-fledged settlement system based on distributed registry technology,” the bank said.
For the first time, the tests of the computational system based on the block system in conjunction with the Ethereum start-up ConsenSys SARB reported in February. The platform is based on the corporate solution Quorum, developed by JPMorgan.