JPMorgan’s ‘Quorum’ Chain set in South African Bank

The pilot of ‘Project Khokha’, JPMorgan’s Ethereum blockchain has successifully been finished in the South African Reserve Bank (SARB)
06 June 2018   736

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.”

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   95

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.