26-04-2014, 04:34 PM
SEMINAR ON MONEY PAD
[attachment=62575]
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.
Money pad is a method developed by TOBIAS WONG for binding bills so it can be easily carried around.
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.
The e-cash handling system is a device that facilitates secure currency transactions. We call it as Money Pad which recognizes Finger Print’s of the user and decides weather the user is an authorized 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.
Why to use money pad?
Few adjoining drawbacks of smart cards and credit cards can be overcome using money pad.
1) Instant clearing of funds is not possible.
2) Insecure transactions using fixed encryption.
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.
Using money pad
for New user
When a user wishes to have a Money Pad, he is supposed to visit a near by bank which has an e-bank facility. It is necessary for the new user to create an account with some minimum balance. The authentication details along with his fingerprint is recorded and stored in the data base server. The user is provided with an account number and bank code along with his Money Pad.
The Money Pad consists of stored information like account number, bank code (from where he has purchased this money pad) and his fingerprint.
Technology behind
money PAD
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.
Future prospects
Once the Money Pad is implemented it has a wide scope . Although at present we may use finger print reader to access the digi cash , in the near future the device can be automated into Mobile phone, watches and Hand held devices.
In future the use of cards and pads can be dissolved .Instead just a small device that recognizes the finger print can be attached at any place throughout the world. Thus requiring no device to carry money only digi cash needs to be accessible.
conclusion
For a digital currency system to attain widespread recognition there are following three requirements
1. Instant clearing of funds
2. Elimination of payment risk
3. Secure transactions using encryption
Since the Money Pad aims to satisfy the above conditions there is no doubt that in near future it will be strongly recommended for use.
[attachment=62575]
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.
Money pad is a method developed by TOBIAS WONG for binding bills so it can be easily carried around.
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.
The e-cash handling system is a device that facilitates secure currency transactions. We call it as Money Pad which recognizes Finger Print’s of the user and decides weather the user is an authorized 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.
Why to use money pad?
Few adjoining drawbacks of smart cards and credit cards can be overcome using money pad.
1) Instant clearing of funds is not possible.
2) Insecure transactions using fixed encryption.
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.
Using money pad
for New user
When a user wishes to have a Money Pad, he is supposed to visit a near by bank which has an e-bank facility. It is necessary for the new user to create an account with some minimum balance. The authentication details along with his fingerprint is recorded and stored in the data base server. The user is provided with an account number and bank code along with his Money Pad.
The Money Pad consists of stored information like account number, bank code (from where he has purchased this money pad) and his fingerprint.
Technology behind
money PAD
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.
Future prospects
Once the Money Pad is implemented it has a wide scope . Although at present we may use finger print reader to access the digi cash , in the near future the device can be automated into Mobile phone, watches and Hand held devices.
In future the use of cards and pads can be dissolved .Instead just a small device that recognizes the finger print can be attached at any place throughout the world. Thus requiring no device to carry money only digi cash needs to be accessible.
conclusion
For a digital currency system to attain widespread recognition there are following three requirements
1. Instant clearing of funds
2. Elimination of payment risk
3. Secure transactions using encryption
Since the Money Pad aims to satisfy the above conditions there is no doubt that in near future it will be strongly recommended for use.