The results of pilot were detailed in the official statement claiming that Project Khokha’s major goal was “to build a proof of-concept (PoC) wholesale payment system for interbank settlement using a tokenized South African rand on distributed ledger technology (DLT).” When the bank is not yet going to override its existing settlement systems and change them with blockchain technology, Deputy Governor of the Central Bank Francois E. Groepe declared that Khokha could act as a standby layer.
With the help of the pilot it was proved that the South African payments system ordinary daily volume of transactions “could be processed in less than two hours with full confidentiality of transactions and settlement finality.” It took about 2 seconds for each distinct transaction to be confirmed.
Khokha made use of Range proofs and Pedersen engagements. As informed in a TrustNodes report, these concepts act as “a method to hold balances in a random number format so that you can not tell the balance of each participant,” in order to ensure privacy. The project also was able to achieve each one of the subsidiary goals it set out for, including “ to build on the initiatives previously undertaken by global peers and to gain further insights on DLT developments in a South African wholesale payments context.” It was also stated that the project had supplied an important opportunity “to explore the type of collaborative innovation that is expected to become more common.”
Also, according to the report, despite there are still “many issues to consider” before a blockchain system can be fully adopted, the project has provided the necessary basement for “future collaborative work.”