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 South Africa Bank: Blockchain Could Snatch 40% of Banking Revenue

South Africa ‘Will End Up with a Blockchain’

Speaking at the Gordon Institute of Business Science Wednesday, Rand Merchant Bank’s (RMB) Farzam Ehsani said that blockchain “calls institutions to a new paradigm.”Farzani, who heads RMB’s so-called Blockchain Initiative, spent several years researching the mechanisms behind traditional banking and disruptive technology. He spoke in tandem with Tanya Knowles, head of innovation and projects at Strate, South Africa’s Central Securities Depository. Knowles stated:

I do believe we will end up with a blockchain for financial markets in South Africa.

Ehsani meanwhile is naturally erring on the side of caution when it comes to Blockchain’s ability to eclipse the essential need for banks. Rather, like representatives of legacy institutions the world over, he identified use cases for the harmonization of blockchain and traditional finance.According to Moneyweb, which covered the event, Ehsani believes central banks “could issue their own crypto-currencies via a blockchain, enabling them to monitor all transactions and allowing citizens to bank directly with them.”Such ideas are already being actively considered in Russia, where the government has stated that Bitcoin and other decentralized cryptocurrencies not under its direct control would be banned once its own currency was issued.“Not until cryptocurrencies emerge will the full potential of [Blockchain] be realized,” Ehsani previously wrote on Twitter in response to an article on the progress of fintech and digital payments in the Caribbean space