How South Africa Is Boosting Blockchain Adoption

Written by Staff

The Blockchain dream is one of secure, seamless , transparent, trusted and convenient transactions. But adoption remains quite sluggish – with precious few real-world transformational examples of the technology. How do we boost widespread adoption of blockchain?

 


South Africa’s financial services sector has made a promising foray into blockchain technology adoption given that all major commercial banks recognise the disruptive potential of the technology and have initiated pilot projects for a variety of use-cases.

Blockchain
Photo by Hitesh Choudhary on Unsplash

At the centre of the industry, the SA Reserve Bank recently released its Project Khokha report – detailing positive results from its trial aimed at settling high volumes of payments via the blockchain.

From Business Chief. Story by Felix Antonysamy.

Blockchain is rapidly maturing in the local banking and finance industries.  Over the past couple of years, massive investment has surged into this field. We’re at an inflection point, where we’ve moved past the initial hype, and banks are now starting to explore some practical ways to apply the technology to real-world needs.

Blockchain holds the potential for a truly game-changing impact in many key areas of finance. But, even more importantly, blockchain’s adoption in the banking sector could be the catalyst for broader use-cases of the technology in other industries as well. Banks are absolutely pivotal to achieving this exciting cross-industry convergence.

Read more at Business Chief.