The excellent technical performance of the SARB’s Ethereum project

saor

Honorary Master
Joined
Feb 3, 2012
Messages
26,527
Nice to see them actually using the technology in a way that might lead to real-world utility & adoption further down the road.

Would be cool to read an interview about the project - why they considered this in the first place, who at SARB was the blockchain nerd who's idea this was, how they envision the actual utility & implementation if they adopt this for real, their stance on blockchain and even crypto going forward etc.

[MENTION=463718]Newsfeed[/MENTION] - any chance of a nice interview with them?
 

Napalm2880

Expert Member
Joined
Mar 8, 2007
Messages
2,443
There a few places more determined to kill innovation than a bank. How they managed to get this project off the ground must have taken millions of Rands, serious people skills and connections right at the top of all the banks.
 

quovadis

Executive Member
Joined
Sep 10, 2004
Messages
5,496
<20 txn/s isn’t really that impressive however what is impressive is they actually experimented with it however using a block chain with central authorization kinda defeats the purpose of a decentralized system.
 

genetic

Honorary Master
Joined
Apr 26, 2008
Messages
34,307
<20 txn/s isn’t really that impressive however what is impressive is they actually experimented with it however using a block chain with central authorization kinda defeats the purpose of a decentralized system.

:erm:

That's not why the SARB are using it.

The project offered banks an opportunity to understand distributed ledger technology. Its technical team also proved that functions of a complex settlement system could be replicated on a blockchain.

The results show that the typical daily volume of the South African payments system could be processed in less than two hours with full confidentiality of transactions and settlement finality.
 

me_

Senior Member
Joined
Oct 11, 2013
Messages
720
There a few places more determined to kill innovation than a bank. How they managed to get this project off the ground must have taken millions of Rands, serious people skills and connections right at the top of all the banks.
CTOs and primarily in the financial sector are worried about blockchain because they are being told it's the next big disrupter that is going to take them all down. This message is being driven very hard and the message is that it will arrive over night and take out large parts of the industry.
This was probably not as expensive as you might think. ConsenSys is a company started by one of the founders of Ethereum to find problems they can solve with Ethereum - they have the solution, they just need to find the problems. Ethereum is based on JavaScript so dev times are excessively long, but ConsenSys is very willing do perform POCs at reduced cost. The only downside is it has to be an Ethereum based solution and Ethereum is a very rudimentary solution.

<20 txn/s isn’t really that impressive however what is impressive is they actually experimented with it however using a block chain with central authorization kinda defeats the purpose of a decentralized system.
Agreed - the throughput is appalling especially considering the computing power involved. There are more efficient blockchain implementations out there, but I agree - this is a rather poor solution for blockchain.

ConsenSys claims their role is to further blockchain in markets, but since they are only focussing on Ethereum, they are heavily blinkered and I am worried about the damage they are causing.
 

Temujin

Honorary Master
Joined
Apr 18, 2015
Messages
11,012
<20 txn/s isn’t really that impressive however what is impressive is they actually experimented with it however using a block chain with central authorization kinda defeats the purpose of a decentralized system.

Our banks(and worldwide) have been playing and experimenting with blockchain since day one... they aren't stupid, they know the value of it and how much it can save them, ie, more profits. The idea is as follows, its not going away, so, either adapt or die, ie, how can we prove to the world it fails as a payment system to ensure they still need us, but at the same time, monetize and use it as a payment system, through us as the future payment system to increase profits.
 
Top