The world of Bitcoin and digital currency is no stranger to new companies daring to make some of the boldest claims in the history of mankind. Safe Cash, a direct Bitcoin competitor offering digital payment technology for traditional financial players, claims their own blockchain is 3,000 times better than Bitcoin’s. Handling a ton of transactions is one thing, but that doesn’t make the infrastructure a proper and open source blockchain by any means.
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The concept of Safe Cash is relatively known in the financial sector, even though hardly anyone with blockchain expertise has taken notice of this company. A private blockchain solution does not represent the spirit of distributed ledgers by any means, as consumers will still have to trust central parties overseeing all transactions.
That being said, the private blockchain created by Safe Cash offers some exciting prospects. Based on a recent statement made by Safe Cash Payment Technologies CEO Chris Kitze, their private blockchain should be capable of processing 25,000 transactions per second. Quite an impressive number, as it puts the Bitcoin blockchain to shame in that regard.
With a completion time of fewer than five seconds to settle payments, Safe Cash is the fastest private blockchain solution available to existing and aspiring financial players. Even the growing list of banks, most of whom are developing their private blockchain, are unable to compete with these numbers for the time being.
Bitcoin is currently being criticized by the media for its slow consensus mechanism, lack of governance, and price volatility. All of these factors make Bitcoin anything but appealing to existing financial players, and no one ever expected anything less or more. It seems rather pointless to compare a private blockchain with Bitcoin, as the latter is an open source solution anyone in the world can use.
While there may be a growing demand for private blockchain solutions in the financial world right now, it remains to be seen if these solutions can shake up the industry as we know it today. A private blockchain, such as the one developed by Safe Cash, brings a faster settlement while still putting the same financial parties in full control over consumer funds.
Bitcoin, on the other hand, may be capable of running fewer transactions per second, but allows anyone to take full control of their finances. There is a certain trade-off between security, control, and speed. More transactions per second at the cost of giving up financial control is not something that will change the financial industry anytime soon.
Source: Crowdfund Insider
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