19-12-2012, 04:38 PM
Money pad
Money pad.doc (Size: 61.5 KB / Downloads: 38)
Abstract:
"Money in the 21st century will surely prove to be as different from the money of
the current century as our money is from that of the previous century. Just as fiat money
replaced specie-backed paper currencies, electronically initiated debits and credits will
become the dominant payment modes, creating the potential for private money to compete
with government-issued currencies." Just as every thing is getting under the shadow of “e”
today we have paper currency being replaced by electronic money or e-cash. Hardly a day
goes by without some mention in the financial press of new developments in "electronic
money". In the emerging field of electronic commerce, novel buzzwords like smart cards,
online banking, digital cash, and electronic checks are being used to discuss money. But
how are these brand-new forms of payment secure? And most importantly, which of these
emerging secure electronic money technologies will survive into the next century?
These are some of the tough questions to answer but here’s a solution, which
provides a form of security to these modes of currency exchange using the “Biometrics
Technology”. The Money Pad introduced here uses the biometrics technology for
Finger Print recognition. Money Pad is a form of credit card or smartcard, which we name
so. Every time the user wants to access the Money Pad he has to make an impression of his
fingers which will be scanned and matched with the one in the hard disk of data base
server. If the finger print matches with the user’s he will be allowed to access and use the
Pad other wise the Money Pad is not accessible.
Thus providing a form of security to the ever-lasting transaction currency of the
future “e-cash”.
Introduction:
The 21st century will not be "cashless", as many now predict. However, it does
seem clear that the currency of the 21st century will be "paperless". Paper currency and
checks are gradually being supplanted by smartcards, digital cash and instant transfers of
funds. The large paper bureaucracy of banks is quickly becoming redundant, burdensome,
even antiquated. The evolution in digital money is happening so fast that banks cannot
adopt quickly enough and will eventually collapse like top-heavy giants, blown over by the
winds of financial change. Maybe, or may not be, but one trend is already clear. The wallet of the future will hold less paper cash, coins and magnetic stripe cards. It will hold instead Money Pad containing digital cash and other financial information, updated — perhaps automatically — by a PDA with a satellite communication link.
As the new technologies develop into new ways of making payment, one concern
naturally arises. Will this technology protect each individual's right to privacy while
providing the sound money needed for the economic health of communities? The answer
is simple — it depends on how the new technology is used. There is nothing inherent in the
technology that makes it less protective of privacy and individual rights. Advancement’s like
Biometrics Technology has made individual privacy even more secure.
As developments in electronic money gather pace, protection of individual rights
must be kept in focus. Because the record of most governments so far in these early stages
of electronic commerce has been seen by many to be confrontational and not protective of
individual rights, it is likely that the preservation of these rights is one reason that private
currencies are likely to emerge on the Internet and to eventually play an important role in
global commerce.
Why use Money pad?
•Instant clearing of funds
The instant clearing of funds means the end of 'float', which is the time spent
waiting for a fund transfer to clear. Payments can be instantly made as man himself
carries digi-cash with him. There is no need for any intermediate party to clear the funds.
•Avoids the insecure way of carrying money
The present trend is full of theft and robbery. Man is in fear while he is carrying a
huge amount from place to place. The medium of exchange that is introduced (Money Pad)
eliminates this fear since man need not carry any hard cash as it is stored in the form of
digital money. In case he loses the Money Pad the provision can be made such that the lost
cash can be recurred into his own account by e-mail facility.
•Provides strong security
As we know every body has a different fingerprint it is a rare case to have two
persons with same fingerprint. Taking this into consideration Money Pad uses Biometric
Technology to provide strong security.
•Can be meet by a common man
Since credit card and smart card require the facility that a minimum deposit
should be present which is very high to be meet by a common man. Where as Money
Pad doesn’t require any minimum high deposit but it requires a small amount which can
be meet by a common man.
•Avoids the nuisance of renewing
Money Pad once issued is permanent, as it doesn’t require any kind of
renovation.