African Banks Start to See the Potential of Blockchain

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The African financial system is turning its attention toward blockchain technology as it looks for ways to help reduce the cost of banking transactions, according to The Africa Report.

In the summer of this year, one of South Africa’s largest banks, Absa Bank, the South African subsidiary of Barclays Africa joined forces with the R3 Consortium to explore and develop the technology for the financial industry.

At the time, it joined over 45 global banking heavyweights. That number has since dropped after Goldman Sachs and Santander recently decided to let their memberships lapse with the working group.

However, while major players are still linked with R3 and have been involved with the technology for some time, African banks are relatively new to the arena. The fact that they are involved, though, suggests that they understand the potential of it and what it can do for the financial industry.

According to an IBM survey, which gathered insights from 200 global banks, 15 percent of those banks could be running blockchain solutions as

Read more ... source: CryptoCoinsNews

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