About

Kuvacash is a cloud-based decentralized system for mobile banking operations based on a blockchain technology with the use of cryptocurrency Dash. The aim of the project is prevention of cash deficit during hyperinflation and collapse of the domestic currency in countries with a low level of confidence to the banking sector. It ensures local population with a simple, secure and affordable solution for such operations as storing and exchanging cash.

Challenges

Zimbabweans are holding the national banking system in a deep-seated distrust. The New Line Technologies team has got a task to create a safe, easily accessible and fast monetary system (wallet) that would be completely independent of the Zimbabwean national banking system and, as a result, inflation in the country.

The requirements that have been set are as follows:

• The wallet is secure, independent and internationally recognized.
• It is decentralized from the national banking system of Zimbabwe.
• The service is accessible from a mobile device.
• It ensures instant transfers and payments with minimal commissions.
• Depositing as well as withdrawing funds does not take more than 24 hours.
• The banking institutions that have undermined their reputation are not involved in financial operations.
• The system supports easy transfers between contacts in the smartphone.
• The wallet works 24/7.

Solutions

The team created a virtual currency wallet (back office) with the conversion of investments in Dash cryptocurrency. The wallet has a custom-built reporting system for regulatory financial services.

The use of Dash cryptocurrency ensures the security of investments regardless of the financial situation in the country. The wallet can be accessed and managed via a specially developed mobile native application. It allows a user to perform all types of transactions from a mobile device.

For achieving round-the-clock work, the wallet has been integrated with a large number of trading exchanges. This also enables a user to get the best exchange rate for replenishing an account and withdrawing cash.

Integration with international payment systems makes it possible to top up the wallet from outside the country, as well as to transfer funds to international settlement accounts. Direct transactions in USD are conducted with the help of a tailor-made payment system. Funds can be cashed out and deposited into the account within 24 hours throughout the country in a partner network of certified individuals and financial institutions.

Results

The team has created a decentralized mobile wallet that enables its users to make instant secure transactions with minimal fees. The applied blockchain technology helps to keep funds safe while the certified partner network makes both depositing and withdrawing funds easy and protected.