Digital payment technology Safe Cash has announced that it is able to handle up to 25,000 transactions per second on its blockchain – more than 3,000 times as many as the bitcoin blockchain. Safe Cash are on track for being the fastest private blockchain for banks, merchants, and consumers. The time to complete and finalise settlement is currently under five seconds.
Chris Kitze, founder and CEO of Safe Cash Payment Technologies, stated: “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. 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 is attempting to meet the transaction processing speed and throughput requirements of the current markets which have been the subject of much discussion lately. Safe Cash claims improved security and controlled consensus that does not rely on miners or any intermediary coin that requires purchase. Banks can have their own “white label” blockchain that they control and manage, whilst inter-bank settlement can be achieved with multi-currency wallets, a separate bank settlement blockchain, or a combination thereof, depending on bank requirements and legal compliance.
Safe Cash provided a demonstration of the technology on its website, where the public is invited to get a free account to test out Safe Cash’s loyalty token. Banks have also been invited to internally proof-of-concept test Safe Cash.