Safe Cash claims to be able to complete 25,000 transactions per second using blockchain technology

Safe Cash is a blockchain-based cash payment service that claims to bring 25,000 cash transactions per second into the electronic ecosystem, which is more than 3,000 times faster than the Bitcoin network. Safe Cash is an end-to-end secure payment platform that provides instant and final cash transactions for banks, businesses and consumers.

During the transaction, the bank provides a redeemable token for the cash, allowing the cash to be used as a digital asset, and the entire transaction settlement will be completed within 5 seconds.

Partnering with banking infrastructure

Safe Cash works with most browsers, Android and iOS, alleviating the inconvenience of slow and insecure cash transactions. Transactions are not refundable, and once funds are confirmed, they cannot be canceled.

Safe Cash works with existing banking infrastructure to transform a bank's standard current deposit account into a global secure digital cash account. Bank customers make deposits in exchange for tokens, and the funds remain on the bank's balance sheet. Tokens circulate between merchants, customers, and registered capital enterprises.

Banks can use Safe Cash to develop special-purpose web tools with Representational State Transfer (REST) ​​application programming interfaces (APIs).

Blockchain brings benefits to cash transactions

Blockchain technology provides a permanent record by electronically creating and automatically backing up in multiple locations. All transactions are recorded and provide real-time compliance.

The service can provide banks and merchants with new revenue streams such as loyalty programs, customer acquisition programs, instant P2P, B2B and B2P payments, cross-border remittances, social media payments, donations and recurring payments.

The service also provides data analysis and tools that allow merchants and customers to communicate directly.

Chris Kitze, CEO and co-founder of Safe Cash payment technology, said: “Bitcoin is not a reasonable solution for banks due to uncertainty about governments, the time it takes to reach consensus, and the fact that Bitcoin is not built for mass adoption for instant e-commerce.”

Kitze said the company has the means to increase the speed to 100,000 transactions per second this year, which would exceed global trading demand, and he said the development team has been working on the technical issues for 18 months.

This system can now run on most mobile phones.

He said financial institutions particularly favor permissioned blockchain technology over freely traded cryptocurrencies such as Bitcoin, Ripple or Ethereum. In contrast, Safe Cash is one of the earliest blockchain technologies that can meet the transaction speed and throughput of today's market.

Advantages over Cryptocurrencies

Safe Cash has ever-increasing security and a controlled consensus (does not rely on any intermediary coin miners that need to be purchased). Inefficient banks and the high-cost SWIFT network can take days to complete transfers.

The system allows banks to have their own “white label” blockchain that they can manage and control. Banks can also use multi-currency wallets, independent bank settlement blockchains, or joint banks based on legal and banking regulations to achieve inter-bank settlement.

Kitze says no other open source solution can match Safe Cash's performance.

Original article: https://www.cryptocoinsnews.com/safe-cash-blockchain-payments/
By Elliot Maras
Compiled by: Kyle
Source (translation): Babbitt Information ( http://www.8btc.com/safe-cash-blockchain-transactions ‎)