of its decentralised structure, blockchain still has high obstacles to surmount before it can be applied across the board, owing to its susceptibility to manipulation. recent hacker attacks are a case in point. this is another reason why the debate has largely shifted from open blockchain applications, such as bitcoin, to closed networks with a limited circle of participants. 4. conclusion inefficiencies are often perpetuated not by a lack of technology, but by ( historical ) structures. blockchain technology is therefore not a patent solution for change, but it does provide an opportunity to make change. disruptive technologies require time to develop, mature and unfurl their full potential. not every innovation succeeds, though, and it remains to be seen how the application of blockchain technology will develop. following the revolutionary beginnings with bitcoin, the prevailing view now seems to be that blockchain applications will spread rather more gradually. one might therefore speak of evolution rather than revolution. before we can even ask questions about the broader use of this technology, we must first be sure that using this new technology is at least as secure, efficient and cost - effective in financial transactions as conventional technology. blockchain technology could become a game changer, in the financial industry and, perhaps in particular, beyond. the potential of blockchain technology is often compared to that of the internet. it should be remembered that it took some time before the truly beneficial applications of the internet emerged. with blockchain, we are only at the very beginning of a potential development of this kind. innovations are the lifeblood of a continually developing economy. moreover, evolution processes are never linear. the first great wave of euphoria, which was also seen in the media, is being followed by a phase of checking, weighing - up and consolidation, before new offers and technologies are rolled out on a broad scale. ladies and gentlemen, goethe once said : " we know accurately only when we know little ; with knowledge doubt increases. " my impression is that with the increasing efforts being devoted to blockchain technology, doubts will also increase as to whether this technology can meet the expectations being placed on it, which in some cases are extremely high. the question that we want to examine in more detail in this workshop is what specific doubts we have and whether the technology can overcome them. i would like to conclude by wishing you all an interesting and, above all, inform

lesetja kganyago : address at anniversary celebration of south african reserve bank address by mr lesetja kganyago, governor of the south african reserve bank, at the virtual 100th anniversary celebration of the south african reserve bank, 30 june 2021. * * * good afternoon, ladies and gentlemen on this day, 100 years ago, at church street east, the first governor of the south african reserve bank ( sarb ), mr william henry clegg, and 14 other men opened the doors of the sarb to the public. the world had just emerged from world war i, leading to unusual financial and monetary conditions. in establishing the sarb, the primary objective was simple : to restore and maintain order in the issue and circulation of domestic currency, and restore the gold standard to the pre - world war i rate of exchange. from the archives, the first board meeting minutes, dated 29 july 1921 at 10 : 00, disclose that the first order of business entailed “ the purchase of property in pretoria for £7 000 and the first orders of banknotes ”. the former was finalised in the late 1920s, while the first batch of banknotes ordered from england was issued to the public on 19 april 1922. the monetary policy framework adopted at the sarb ’ s founding was the gold standard, linking banknotes to gold. however, the great depression and its link to weaknesses in the gold standard ushered in a period of monetary policy reform. a new policy direction linked the value of the south african pound to the british pound sterling, and the further decision to join the bretton woods agreement in 1946 as a leading member of the international monetary system. other currency reforms were initiated in subsequent years. in the 1950s, the decimal coinage commission recommended that south africa formally introduce a decimal system, which eventually led to the introduction of the rand in 1961. this occurred at the same time that south africa became a republic. despite the introduction of the rand, the 1960s was a period of rising inflation at home and globally. in 1967, anti - inflationary measures were introduced to slow the rise in the price level. these gains proved short - lived, however, as inflation again picked up in the 1970s on the back of us dollar depreciation ( as the us removed parity to gold ), major fiscal expansions, and the first oil price crisis. by the end of the decade, oil prices had tripled and inflation reached post - war highs around the world. the early