Springblock – South Africa’s first step to a national financial blockchain

The South African Financial Blockchain Consortium is experimenting with various blockchain technologies, with the aim of implementing a national blockchain, Moneyweb reported.

The consortium includes South Africa’s major banks and ZAR X. The Financial Services Board and South African Reserve Bank are observers.

Its experiment is called Springblock, with the code hosted on Github.

Repositories for Ethereum, Hyperledger, Chain Core, Corda, and JP Morgan’s Quorum blockchain are contained in the effort’s Github organisation.

Each repository has its own set of contributing developers, but the Github organisation is administered by Coenie Beyers – a software engineer who left FirstRand to join the US-based blockchain software company ConsenSys.

Farzam Ehsani, the consortium’s chairperson and blockchain lead at RMB, told Cryptocoins News that the blockchain technology calls for a new paradigm in which competitors have to collaborate.

Ehsani said at RMB they are trying to understand the technology, which he described as “amazing”, and work with other banks, regulators, and financial market infrastructure players.

“One of the main things that excites me is the portability of [all] cryptocurrencies,” Ehsani told Cryptocoins News.

Although cryptocurrency transfers aren’t instant, it is a massive improvement over traditional financial systems, he said.

“If I sent money through the traditional banking system, it is ludicrously slow and expensive in comparison. In the future, the concept of a cross-border payment will be as silly-sounding as the concept of a cross-border email.”

Now read: What is Blockchain – Explained in simple English

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Springblock – South Africa’s first step to a national financial blockchain