The South African Reserve Bank recently concluded a pilot project called Project Khokha, in which eight banks tested an Ethereum-based interbank payments platform. Currently, the SARB runs a system called the South African Multiple Option Settlement system (SAMOS) to perform real-time gross settlements between local banks.

ConsenSys and its permissioned Ethereum platform, Quorum, were selected for the project, and the aim was to replicate some of the functionality of SAMOS in a distributed ledger system. Seven other banks participated in the pilot: Absa, Capitec, Discovery, Investec, FirstRand, Nedbank, and Standard Bank.

The eight banks each had their own node on the Project Khokha network, and every node was configured with four virtual CPUs and 16GB of RAM. All the Project Khokha design document specified was the minimum specification for an Ubuntu server, which could be hosted as the bank saw fit.

As the diagram below shows, the pilot featured a variety of server types, including public cloud services from Microsoft Azure and Amazon Web Services, Azure private cloud, and physical servers hosted on-premises. This was not intentional, said ConsenSys, as the banks used the infrastructure for the pilot they wanted to.

“We didn’t actually specify hardware to get a heterogenous system,” said ConSensys. “We worked with the banks around their existing policies and existing relationships. Read more from…

thumbnail courtesy of