The world without cash: new blockchain solution as a step to the cashless future
Actually, the cashless world existed for long centuries. People used stones, shells, furs, and other goods for the barter long before the coins and then paper money was invented. There are several ocean islands inhabited by the primitive societies that still use natural exchange instead of money. So, there is nothing new in the idea of the cashless world — unless you propose a real innovation.
Cash money has many pros and contrast. Paper bills are tangible and reliable. They’re also analog and rapidly becoming antiquated, especially when the electronic payments entered the industry. Currently, 80% of customer payments in the world are made by cards or mobile devices. More and more people use cashless systems, which require a computer or device.
Rich industrialized countries use e-payments because it is comfortable. In the poor countries, there are other reasons to use electronic payments. For example, in Kenya, they cultivate a cashless ecosystem, a mobile phone-based money transfer, financing, and micro-financing service that works with local Kenyan currency. In Somalia, the devastated after 20 years of civil war banking system cannot fulfill the requirements of the local population. Besides, local people feel vulnerable when carrying cash. So, mobile money almost replaced cash payments.
There is one more aspect in the cashless transactions: they are traceable. So, terrorist, international criminals, illegal traders prefer paper money. Of course, there are some schemes of money laundering. Here we come to the necessity of principally new security measures.
Speaking about modern digital security, we have to admit: the hackers are always one step ahead of security experts. The current state of technology is still dangerous with regard to a 100% cashless world for three reasons. Without using a specialized, secure system, users have no good way to save their credentials in the banking system. Besides, there is a
lack of strong fraud detection systems among shopping sites.
Probably, the new stage of technological development will offer the solution. Decentralized systems are the most secure solution nowadays. At Rays Network, a new blockchain based platform for data creation, storage, and management, can we are ready to provide the high-tech solution for this problem. We offer a one-click Multi-Transaction System (MTS), where a wallet may send a transaction to many other wallets at a single click of a button, both fiat, and cryptocurrencies.
MTS by RAYS Network can be used for many various purposes. The head of a company can send payments to all of its employees using just one click. This feature is not limited to digital currency payment, it has hundreds of possible applications, for example, one user may send data to hundreds of other users.
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