Project Khokha, the distributed ledger project developed by the South African Reserve Bank (SARB), has received the “Best Distributed Ledger Initiative” award from Central Banking Publications.
The SARB accepted the inaugural award at a gala dinner in Singapore on 6 September 2018. The award recognised the promise of Project Khokha’s potential applications in central banking.
“We are truly appreciative of, and humbled by, the award and for the recognition of the effort made on Project Khokha,” said SARB deputy governer Francois Groepe.
“The award is the recognition of the importance of collaboration, focused effort and shared knowledge in a productive and transparent manner.”
Project Khokha trialled a distributed ledger-based payments management system between banks earlier this year and performed well in comparison to traditional systems.
The SARB said it would continue to evaluate the potential and risks of distributed ledger technology.