Glacier Quarterly 3 - 2018
This issue of the Glacier Quarterly focuses on technology and its impact on our industry. We recently launched our first Artificial Intelligence fund – the Glacier AI Flexible Fund of Funds – which uses machine-learning technologies to address investors’ main concern, that of capital loss.
This issue of the Glacier Quarterly focuses on technology and its impact on our industry. We recently launched our first Artificial Intelligence fund – the Glacier AI Flexible Fund of Funds – which uses machine-learning technologies to address investors’ main concern, that of capital loss.
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PERSONAL FINANCE<br />
One of the issues when a number of<br />
commercial banks and a central bank<br />
are all on the same ledger is that<br />
everyone can see all of the<br />
transactions. To fix that problem, the<br />
MAS implemented a new shielding<br />
technique in order to hide various<br />
details of the transaction and ensure<br />
that only the counterparties directly<br />
involved in the transaction could see<br />
all the details.<br />
Project Khokha<br />
In early <strong>2018</strong>, the South African<br />
Reserve Bank (SARB) launched a<br />
similar project called Project Khokha<br />
(meaning ‘pay’ in isiZulu). The aim<br />
was to extend the work done by the<br />
Canadian central bank and the MAS<br />
and see if the technology could handle<br />
a real-world network setup and realworld<br />
volumes while still maintaining<br />
transaction detail confidentiality.<br />
The SARB set the banks and the<br />
ConsenSys team a target of<br />
processing 70 000 transactions in<br />
a two-hour period across a fully<br />
decentralised and fully confidential<br />
permissioned ethereum network. The<br />
transactions were processed in 90<br />
minutes. The project proved a great<br />
success. Not only did it show that<br />
this technology with its roots in a<br />
pizza purchase was now ready for<br />
regulated financial markets, but it<br />
generated collaboration, excitement<br />
and momentum across organisations<br />
that were traditionally competitors,<br />
but that now saw the mutual benefit<br />
of a utility payments platform based<br />
on blockchain technology.<br />
The next wave of projects according<br />
to the Project Khokha report<br />
(https://www.resbank.co.za/Lists/<br />
News%20and%20Publications/<br />
Attachments/8491/SARB_ProjectKhokha%20<strong>2018</strong>0605.pdf)<br />
produced<br />
by PWC will be in cross-border<br />
payments (payment versus payment<br />
or PvP) and trade of assets (delivery<br />
versus payment or DvP). Recently<br />
the MAS announced a DvP project<br />
with the Singapore Stock Exchange<br />
18
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