Safe Cash, a blockchain-based cash payment service, claims it can handle 25,000 transactions per second – more than 3,000 times as many as the bitcoin network – bringing cash into the electronic ecosystem. Safe Cash is an end-to-end secure payment platform giving banks, businesses and consumers instant and final cash-based transactions.
Banks provide tokens redeemable for cash, allowing cash to be used as a digital asset. Transaction settlement occurs in less than 5 seconds.
“It (cash) is the only payment today that hasn’t been brought into the electronic ecosystem,” a video noted on the company website.
Works With Bank Infrastructure
Safe Cash works with most browsers, Android and iOS, offering the benefits of cash minus the inconveniences of being slow and often not secure. There are no chargebacks. Once funds are confirmed, a transaction cannot be nullified.
The software works with existing bank infrastructures and transforms a bank’s standard demand deposit account into a secure digital cash account with global utility. Bank customers make deposits in exchange for tokens. The funds remain on the bank’s balance sheet, and the tokens circulate among merchants, consumers and licensed money businesses.
Banks can use Safe Cash to develop web tools for specific uses with REST (representational state transfer) APIs.
Blockchain Benefits Cash Transactions
The blockchain technology provides a permanent record that is created electronically and is backed up automatically in multiple locations. All transactions are recorded and provide real-time compliance.
The service offers new revenue streams for banks and merchants, such as loyalty programs, customer acquisition programs, immediate P2P, B2B and B2P payments, cross-border remittances, social media payments, donations, and recurring payments.
The software provides analytics and tools that allow merchants to communicate directly with customers.
Chris Kitze, the CEO and founder of Safe Cash Payment Technologies, said bitcoin is not a reasonable solution for banks because of uncertain governance, slow consensus time, and it is not built to scale for mass adoption for immediate e-commerce, according to crowdfundinsider.com.
Kitze said the company has a path to increase the speed to 100,000 transactions per second later this year, which is ahead of global demand. He said the development team has worked for 18 months to solve technical issues.
The system has been designed to operate on most phones.
Permissioned blockchains are gaining favor with financial institutions over freely-traded cryptocurrencies like bitcoin, Ripple or Ethereum, he said. Safe Cash, by contrast, is among the first blockchains to meet the transaction speed and throughput needs of today’s market.
Advantages Over Cryptocurrencies
Safe Cash offers increased security and controlled consensus that does not rely on miners of any intermediary coin that needs to be bought. It enables banks to wean themselves from the inefficient, high-cost SWIFT network which can take days to transfer money.
The system allows banks to have their own “white label” blockchain which they manage and control. They can achieve interbank settlement with multi-currency wallets, a separate bank settlement blockchain, or a combination of these depending on legal compliance and bank requirements.
Kitze said no other open source solution can match Safe Cash performance.