It is said that money makes the world go round. Human civilisation has come too far ahead from exchanging goods in the era of barter system to the quick-fire online banking in the modern age. Now we can perform transactions across the world with just the click of a button. But nothing comes for free. As we choose to tread a virgin path, we also encounter some unprecedented impediments as well. In this era of performing transactions at the blink of an eye, issues of security and complexity have crept up. Cases of frauds and scams are ubiquitous. And in addition exorbitant transaction fee charged by banks and intermediaries are also distressing. So an alternate method is the need of the hour. Something called “Blockchain technology” may be the answer.

Well, even if you are deaf, a word “Bitcoin” must have struck your ears at some point or the other. It is such a burning issue. It has become a moot point for many. It has hit the headlines mostly for its controversial aspects. But is this thing that bad. Well every alien idea needs some time to gain acceptance. The proponents quote that it is the panacea for all the miseries while the detractors shout that transactions are tough to regulate and cannot be tracked down easily and hence can be used for all the wrong reasons. Every coin has a flip side. If the existing system were that safe, we wouldn’t have seen so many scams.

But what speciality does this technology possesses?? How is it better?? Let us take an example. Suppose I am a businessman and want to transfer money to my supplier in London. I have two alternatives to choose from. The first one is that I should travel to London carrying the cash or gold or any material having the value equal to the amount demanded by the supplier. But is this feasible??And imagine if I need to pay $1000 million. I would need a spaceship to transport this much money. Now I have a second option that I can route this transaction through a third party whom we both trust. This 3rd party is the bank. Bank will receive money from me and then give it to the supplier. It also maintains a proper record of the transaction as a proof of this transaction. In lieu of this service, it charges you some fee. But what if this trust is breached by this bank or some computer geek somehow manages to hack into the bank systems and alter the records. I may turn bankrupt in seconds because of relying on this 3rd party. But as the quote says “Many is better than one”. What if, instead of a single intermediary, there are a lot of people who record the transactions in their own record books. Then it would be difficult to hack all those records. Blockchain technology makes it possible. Blockchain as the name suggests, is a chain of blocks. These blocks are nothing but digital ledgers to record data which can be any data like transaction records or your personal data like photos, videos etc. It is a chain of magical registers. Whenever there is a change in the data of any register, all other registers simultaneously get updated. But it only takes place when data entry is valid. And if one tries to enter a fake transaction, this network verifies with all other registers and then rejects this entry. But who is going to take the burden of recording and updating every time and why?? There comes the concept of data miners. Whenever a transaction takes place, it is secured with some kind of puzzle with the help of cryptography. And these miners compete with each other to solve this puzzle. The first one who is able to solve this puzzle gets to update the ledger and also gets monetary rewards like Bitcoins. So in this way it is highly secure. In short, blockchain is a large digital ledger managed by a peer-to-peer network and secured with cryptography.

Now since we have obviated the need of intermediary, the transaction charge also gets reduced and so is the complexity. Now I don’t need any paperwork. Since it is digital, it is available 24*7 throughout the week and not like the banks who work only 5 days a week from 8AM to 6PM.

In spite of all the negativity surrounding this technology, some visionaries sussed out its potential and started their ventures based on this technology. One such venture is the Cashaa, started by a maverick Mr Kumar Gaurav.

This venture was started in 2016 with the aim of bringing all the people under the umbrella of banking. Cashaa’s CEO Mr Kumar Gaurav quotes that there are still more than 3.5 million people who don’t have banking access which is a huge setback for the global economy. He also says that current banking and other money transfer institutions are inefficient, slow, unsafe and expensive as they are infested with intermediaries and involves a lot of paperwork and complex procedures. And also irregular rules for cross-border transaction exacerbate the condition.

Cashaa is a money exchange platform based on Blockchain technology. It enables its users to make transactions in fiat as well as cryptocurrencies which is quite a unique feature. It offers consumer-centric payment and banking products which are cost-efficient and innovative in nature. Cashaa digital wallet is a better way to spend, save and share one’s money with ease. It is a fee-free platform and is also integrated with mainstream financial services. It also offers physical and virtual cards which are accepted by more than 39 million merchants and Point-of-Sale (POS) terminals in addition to existing 3 Million ATMs which enable cash withdrawal anytime. It also offers digital micro-lending facilities. Cashaa’s microloans are small p2p loans that are issued by individuals on their platform. These loans can be issued by a single individual or aggregated across a number of individuals who contribute a portion of the total amount. Individuals who cannot obtain credits from a bank, or users in third world countries can borrow money to start small businesses or for individual needs. In a country like India it is an excruciating pain inducing task to get a loan sanctioned for starting a business. Our banks are already shaken with such herculean scams involving bigwigs and thus are laden with huge NPAs. So Cashaa tends to provide a viable alternative. It also provides a platform for trading cryptocurrencies across the globe without the hassle of international payments to the seller. This platform has been beta-tested with 12,770 users across 144 nations who made transactions about $10 million. It also provides an innovative peer-to-peer insurance scheme covering household, personal liability, legal expenses, travel and many more.

Every promise is hollow without the assurance of security. Cashaa system is divided into five main component layers that help the platform to scale, maintain and add new features while maintaining the highest level of security in a decentralised environment for the Blockchain features. As cyber security is crucial for a fully digital service and to protect its systems, Cashaa has built systemic solutions using the most advanced statistical and deep learning techniques to detect and prevent threats in real-time. The integrated defence models have been successfully applied across multiple cyber sources and will continue to provide intelligent protection for the company’s critical business information.

But what separates Cashaa from others is its team. Cashaa stands firm and tall on the pillars of its team of ambitious and experienced entrepreneurs.

There people had created their own enterprises from scratch, which now are part of Fortune top 15 companies of the world. This is enough to establish their expertise.

But the stories of the might of titans are just myths unless tested in the battlefield. Cashaa during its token sale raised a mammoth $18.5 million. It already features in the list of Top 100 most influential Blockchain companies of the world. Not only this, it has recently been awarded “The technology provider of the year 2018.”

During its token sales it rejected tokens of worth $14.34 million from unqualified users in order to show its compliance to the regulatory standard. This has started a very good practice in the industry that will strengthen the beliefs of people on cryptocurrencies.

One can argue that this technology is relatively inchoate and getting associated with this can be risky. But I think humans cannot build anything which is 100% perfect. May be gods can do it but probably they don’t need money to survive, but we do. So we have to show some faith in this technology as it looks to be the only reliable alternative which has huge untapped potential. Ventures like Cashaa have shown the way as they had the grit to step into the unknown. Who knows, this step can be humanity’s step in the future.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store