18-01-2013, 02:41 PM
SEMINAR ON : MONEY PAD, THE FUTURE WALLET
MONEY PAD.pdf (Size: 316.42 KB / Downloads: 156)
ABSTARCT
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.
The Money Pad introduced here uses the biometrics
technology for Finger Print recognition.
Thus providing a form of security to the ever-lasting
transaction currency of the future“e-cas h”
INTRODUCTION
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.
There is nothing inherent in the technology that makes it less protective
of privacy and individual rights. Advancement’s likeBiometrics
Technology has made individual privacy even more secure.
The e-cash handling system is a device that facilitates secure currency
transactions. We call it as Money Pad which recognises Finger Print’s of
the user and decides weather the user is a authorised person or not.
Every time the user wants to access the Money Pad he has to make an
impression of his finger, which will
be sensed and matched with the one in the hard disk
Credit Card
Disadvantages-
1. Instant clearing of funds is not possible .
2.User is always under the pressure of limits on
purchase defined by the issuer of the card and
also every transaction involves certain
Charges.
3.Insecure transactions using fixed encryption.
4.The card has to be renewed once it is expired.
New Approach
To over come the above drawbacks of credit cards and smart cards
here we present
a medium of exchange to carry digital cash wherever man wants,
which we name as “Money Pad”.
Money pad is one such medium of exchange, which aims to provide
secure means of currency exchange. It’s a means that carries
digital cash,as paper cash is going to extinct. “In order to use
this money pad it is necessary to have at least one e-bank in
every city”.
Money pad is a biometric system similar to a credit card or a smart
card just like a floppy disk. It consists of a touch
sensor and magnetic disk as its peripherals .
Touch sensor is used to record the fingerprint of the user. Magnetic
disk, which has the read and write permission is used to hold the
authentication details of the user, bank code as well as digi-cash.
The bank code and account number of the owner of this money pad
is present on the label.
How To Use Money Pad?
New User :
1.Visit a nearby bank with e-banking facility.
2.Create an account with some balance.
3.Give necessary details along with finger prints.
4.User is given bank code & account number along
with money pad
NOTE : The Money Pad consists of stored
information like account number, bank code (from
where he has purchased this money pad)
and his fingerprint.
CONCLUSION
For a digital currency system to attain widespread recognition
and use the
following three requirements are necessary:
1. Instant clearing of funds
2. Elimination of payment risk
3. Secure transactions using strong encryption
Since the Money Pad aims to satisfy the above conditions
there is no doubt that in near future it will be widely
recommended for use.
Once the Money Pad is implemented it has a wide scope.
Though at
present we may use finger print reader to access the digicash
in the near future the device can be automated into
Mobile phone, Watches, Hand held devises, as well as WAP
devices. In future when internet is going to capture the
world there is no requirement of any card or pad just a small
device which can recognise the finger print can be attached
at any place throughout the world. Thus requiring no device
to carry money, just a man is required to access digi-cash
and proving “Man As Money”. At last since Thumb
Impression is going to provide a strong base for security in
the future we can predict that “History Repeats”