South African banks working together on blockchain
The news that the five major banks in South Africa (ABSA, FNB, Standard Bank, Nedbank and Capitec) are working together on a national blockchain is refreshing to say the least. The consortium which is described on Github as
a working group of professionals in the financial sector in South Africa committed to solving local problems using blockchain technologies'
is called South African Financial Blockchain Consortium.
The project is called Springblock, which is brilliant localization of blockchain. It's of course a play on the national animal, the springbok. Their project is up on Github.
Springblock Image Credit
Projects like Springblock also have the added benefit of marketing blockchain and cryptocurrency which can lead to greater adoption of cryptocurrencies as method of payment.
Not everyone welcomes the project with open arms though. Many people are sceptical of the development, as seen on one of the the largest forums in South Africa, MyBroadband
It remains to be seen if it will be a success but in the meantime it's great to see competitors working together for a greater purpose.
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