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Blockchain: A Financial Revolution — CASHAA the Fintech Powerhouse!

July 26, 2018 11:56:56

Just as remarkable as its world-wide recognition as a stable store of value is how fiat currency has transformed the world and become the default payment method in every transaction for business and trade. Even so, it’s easy to forget that fiat’s stability as a store of value hinges on often volatile world politics.

It’s important to remember that fiat’s conception came about as a few men gathered around a table and decided that the marked papers they use would become legal tender and be backed by government promises to pay. This was the base of the modern financial system, and has established fiat as the preferred medium of exchange for most business and trade to date.

FIAT’s successor?

Fast-forward to today, and the revolution is happening again in the digital world.

Computers and the internet have drastically transformed the world we live in and have led to a natural progression in improving systems. This is evident in computers’ growth from room-sized devices to small handheld and even microscopic tools. More importantly, computers have revolutionized the way we interact.

When thinking about the financial system, the question that commonly arises is how the country's currency and its associated currency pairs are ascertained? The absence of a straightforward answer means that many people view these values as arbitrary. However, until recently, there was no true challenger to fiat currency, that was until cryptocurrencies presented a viable alternative. With the introduction of blockchain technology, enabling Bitcoin and over a thousand other cryptocurrencies, that mindset is gradually changing.

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Breaking the Traditional Financial System’s bondage?

Governments fear losing control and power over their citizens, and understandably so. Even so, what power are they really losing by accepting a global decentralized financial system? Cryptocurrencies remove many of the restrictions and imaginary limitations that hold back a country’s citizens with government-centric policies. Regardless, banks are fighting back by enforcing stricter regulations in an attempt to stem the flow of users leaving their systems. This shows their fear of obsolescence and lack of power and highlights the important transformation from government-sanctioned monopoly to truly free economies. Central banks have operated in de facto monopolies, controlling the flow of fiat and profiting heavily from their efforts.

Now the question emerges: Why can’t I be in control of my money and use it how I want? Why isn’t there a system with less hassle, fees, and greater transparency?

A WORTHY Successor?

Fast forward a few years from Bitcoin and blockchain’s inception, and we are seeing an explosion of conceptual brilliance and use cases that take advantage of blockchain. The rise of altcoins, competitors to Bitcoin’s market dominance, has also pushed for greater changes, such as:

  1. There is no longer a limit as to where an individual can remit or be remitted to.
  2. Overseas transaction fees are largely reduced.
  3. Businesses are no longer limited to a specific location of trade and foreign exchange barriers.
  4. Businesses and Individuals are not limited to the financial institutions they are “privileged” to use and subsequently strong-armed to transact with, for extraordinary fees.
  5. People can have a say in fair governance in a democratic format.
  6. Accountability and auditability of funds and funding is absolutely transparent.

Then ask yourself, why are the banks needed anymore?

Of course, they are still necessary. People like to know they are being defended by an authority to feel secure. It is human nature to seek this security, but banks are not the real issue. They remain largely a third party to arbitrate transactions between parties, and they have only been made necessary by and for governments. Regardless, change is coming.

It has reached the point where banks must adapt to the evolution and the inevitable revolution of the concept of fiat to retain what they’ve built up over the many years of their existence. Examples of some alternative platforms that are taking that step ahead of the banks are Ripple, OMG, and the more under-the-radar Cashaa (CAS), just to mention a few. Cashaa, in particular, is a hidden gem that stands out head and shoulders above the rest, and it would be an injustice not to highlight the huge impact that will be becoming of this particular company.

CASHAA — A Full-Stack Fintech Banking Platform

CASHAA, is an all-encompassing financial services platform that while looking and feeling much like a bank, is much more. Their goal and mantra is to “Bank the Unbanked” and to capture the whole brilliant concept of the blockchain technology under one umbrella in the fintech arena.

Cashaa plans to offer the level of service it believes customers should receive, but on a global scale—with no barriers and loss of utility. The company has started by taking advantage of their first mover status in India, though they are going live in several other continents. In Cashaa’s quest to “Bank the Unbanked”, it going beyond the traditional definition of the unbanked, and includes companies in the crypto and blockchain industry that have been struggling to obtain a bank account, which will help some of the greatest projects in the industry conduct a compliant token sale and run their business.

Payments will be settled across the world in 200+ countries in local currencies with seamless flow between crypto and fiat. The platform also follows strong KYC, AML policies and other laws to make it fully compliant with regulations, regardless of location.

Businesses will be able to transact freely and seamlessly from the cryptocurrency realm back and forth with the traditional fiat financial system.

Some onboarded partners noteworthy to mention are , Populous, Boon Tech and Bubbloto name a few, which are accepting CAS token. For further reading, Cashaa’s concise overview of its vision can be seen at its roadmap.

Category: News

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