CASH REPLACEMENT INNOVATION
Replacing cash with a digital solution must be better than cash and when making a purchase it cannot be dependent on connectivity.
And it can NOT be based on Blockchain. Blockchain is ‘only’ another IT-Trend and it doesn’t solve the real issue, how to replace coins and bills.
Anyone who claims that a blockchain solution or Central Banks Digital Currency solutions also can prevent that a user would be restricted to buy, say alcohol, doesn’t understand the reality of our society. More than 50% of day-to-day commerce is made by cash and cash cost society no less than 1 to 3% of a country's GDP.
What we here will come to explain is all about a patent applied innovation, by Lars Olof Kanngard and Mats Engstrom (Sweden) who invented, what now has become known as Chip2Chip. The provisional patent was filed in June 2017 as a result of years of close user and market deep studies where the reality of exclusion in the reality, due to that payment services are all coerced to use connectivity.