Cashing In on Cashless Using Blockchain Essentials

January 29, 2020 Farhad Mafie, CEO, Handycash AG

Technology innovations such as telephone lines, credit card systems, personal computers, the Internet, and mobile technologies have significantly improved the convenience, speed, and efficiency of worldwide financial transactions while shrinking and sometimes (virtually) eliminating the distance between buyers and sellers. In these transactions, throughout history, many forms of the instruments of trust such as minted coins, paper money, credit cards and letters of credit, as well as the complex banking and financial systems, have emerged to protect buyers and sellers, and facilitate the trusted exchange of value.

Many technologists and innovators consider Blockchain as the leading-Edge technology that is gradually, and profoundly, changing how the world works. They believe Blockchain provides them with the required capabilities that finally enables them to truly protect buyers and sellers, and facilitate the trusted exchange of value in such a way that is beyond the capabilities of today’s solutions.  One’s elevator pitch for blockchain defines it as a shared, immutable ledger that facilitates the process of recording the entire transactions and tracking assets in the worldwide financial and business networks.

The innovating entrepreneurs behind the Handycash AG have developed the required technology, infrastructure and ecosystem that gradually makes Handycash the true “electronic cash” that has all the benefits of having “cash in hand,” and much more that could be used for all daily purchases on a worldwide basis. This amazing team of technologists and seasoned technology executives have ingeniously selected and integrated a series of concepts, features, and technologies from Blockchain, Bluetooth, NFC, Secured Elements, Cloud Computing, Mobile platforms, etc., into the Handycash solution to gradually make the notion of “electronic cash” a reality.

Our goal for Handycash is to eventually transfers electronic cash securely from a mobile phone to the payment terminal and/or receive electronic cash from the same terminals without bank or any other third-party involvement.   

This year, at the Embedded World 2020 in Nuremburg (RUTRONIK Hall 5 Booth 467), Handycash team is demonstrating an early version of this amazing technology (i.e., a working Proof of Concept –PoC). Visitors would be able to download an early version of the Handycash App, receive RUTRONIK coins, and purchase a gift (from a Vending Machine).  While this PoC is a small step for the Handycash team, we believe this is a giant step for the cashless market! 

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