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Digital Payment System 'Safe Cash' Can Process 25k Transactions A Second

Safe Cash, a state-of-the-art digital payment technology for banks, merchants, and consumers, has announced its ability to handle up to 25,000 transactions per second on its blockchain, with time to complete and final settlement under five seconds – making it the fastest private blockchain.

“Private, permissioned blockchain can process 3,000 times as many transactions as Bitcoin, 10x current Visa average”, it said.

Financial institutions across the world are increasingly looking into permissioned blockchains and exploring relevant use cases, as opposed to decentralized, freely trading cryptocurrencies like Bitcoin, Ethereum, or Ripple. Safe Cash says that it is one of the first blockchains to be commercially viable that can match current transaction processing speed and throughput requirements.

"Because of its slow consensus time, uncertain governance, and price volatility, Bitcoin is not a reasonable solution for banks, and it's not built to scale for massive adoption of instant e-commerce," said Chris Kitze, founder and CEO of Safe Cash Payment Technologies. "No open-source software can touch this performance. Our development team worked for the past eighteen months to solve a number of critical technical problems. It is not trivial. We also have a clear technical path to increase this speed to 100,000 transactions per second later this year, well in advance of that kind of global demand."

Safe Cash, founded in 2015, is the first payment system that allows cash to be used as a digital asset, with member banks storing the USD and providing tokens that are redeemable for cash. The system is designed to work globally and on most phones.

“Our solution retains many of the benefits of cash; immediate settlement, non-repudiation and privacy. To these benefits, we add the immediacy and worldwide distribution of electronic transmission and an improved security model”, the website reads.

The technology, designed to work with current banking infrastructure, transforms a standard demand deposit account into a secure digital cash account with worldwide utility. Bank customers make a deposit and the bank issues tokens; the funds remain on the bank’s balance sheet. Tokens are circulated between consumers, merchants and licensed money businesses.

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