Let's say you are doing a transaction in a retail you meet. Then when you want to pay, you use your debit card. You enter your account pin number, then the store's financial system prints the receipt as a proof that you have made the payment. In transactions between retailers and you, who is the third party to ensure that money is actually transferred from your account to the retail? In this case, a third party is a bank as your trusted party and the retailer.
However, what happens if an unexpected problem occurs to a third party (in this context, is a bank that both parties trust)? These risks can include financial misuse or your personal information. In addition, the involvement of third parties certainly swells the overall cost because the intermediary is certainly taking profit from any existing transactions.
On that basis, Cashbag uses Blockchain technology as a solution. Through the use of blockchain, Cashbag wants to eliminate the role of a middleman or third parties. This allows anyone in the Cashbag ecosystem to make transactions between sellers and buyers or between sellers/advertisers and Cashbags. To provide a transparent transaction, the transaction database (not personal data) can be accessed by all parties registered in the Cashbag ecosystem to verify and verify that the transaction is true.
In short, Blockchain is a master ledger where there is a record of every transaction that ever existed in the form of a decentralized database network. Each transaction data performed in the Cashbag ecosystem is stored in an entity block and each block is connected to a pre-existing block like a chain.
The advantages of the use of blockchain in Cashbag
This is a technology that allows all parties in the Cashbag ecosystem to avoid fraud and misuse of data. In addition, as mentioned earlier, each transaction can be made at a lower cost. This is certainly a very profitable thing for everyone.
Blockchain also allows Cashbag to create its own currency (based on existing and recognized cryptocurrency technology). This digital currency will be used to facilitate transactions for all Cashbag users.
The blockchain is an excellent medium for a new platform like Cashbag to expand its business. However, the classic problem that must be encountered from the use of cryptocurrency is about recognition, functional limitations, and exchange rates.
In spite of all its advantages, Cashbag must be able to answer the challenges of the cryptocurrency they make. With the cryptocurrency they made, Cashbag may be able to attract many users through the various advantages and benefits offered, but the company must still be able to prove the effectiveness of the coin they make.
Users certainly do not want to invest in a company and cryptocurrency that will ultimately only give trouble and loss. Cashbag users are aware that cryptocurrency is a very risky investment and they are sure to be ready for it, but what they need is proof that the cryptocurrency can really be used (not just a concept).