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Banking Industry

in South Africa 

The South African Reserve Bank (SARB) partnered with seven other banks to develop a blockchain-based interbank system that handles daily payments in less than two hours while ensuring secrecy and finality of data. Hacking and system breakdowns pose a threat to the banking industry. The reconciliation payments are ineffectual, despite the substantial cost of dealing with these difficulties. Ultimately, banks bear the whole cost of uncovering questionable transactions.

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Internet Security 

Challenge 1:

If central bank server is down, the other banks would not be able to process the payments.

Solution 1:

Increase the resiliency of interbank payment systems.

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Time Effective 

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Cost Effective 

Challenge 2:

Cost spent to deal with attacks and equipment failure is high.

Solution 2:

Reducing or maintaining the overall cost of the system.

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Internet Security 

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Time Effective 

Challenge 3:

It is hard on banks to find out suspicious transactions within short period of time.

Solution 3:

Interbank system that processes daily payments to ensure confidentiality and finality in records in less than two hours.