11-10-2016, 12:10 PM
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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.
In order to protect the rights and properties of each individual we thought of
providing a security system, which every human being can understand and feel free to use.
Human beings feel secure when they have their own security arrangements to protect their
rights and as well as wealth. Keeping this point of view in mind the Biometrics Technology
is use to develop an e-cash handling system, which is similar to well known credit cards and
smartcards. 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. 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.
Technical Details Of The Paper
•Basic Of The Present System:
Presently due to the usage of computers in almost all the fields the demand for
the utilization of Electronic Money have been increased. Payments made today in nearly all
of the deposit currencies in the world's banking systems are handled electronically through a
series of interbank computer networks. Credit cards and smartcards are widely used to enter
into these interbank computer networks in order to perform transactions. These are the
popular medium widely existing as a recent medium of currency in the e-cash scenario. The
mode of usage and the security provided by these currency mediums are as follows.
•Credit Card:
Credit cards are payment devices that allow the consumer to make purchases
within certain guaranteed limits as defined by the issuer of the card. To use a credit card
in most cases it is sufficient to present the merchant with the card number and the
cardholder's name and expiration date of the card. These data can be conveniently
transmitted over the Internet. Furthermore, credit cards process funds by electronic
means. The user has to swap the card in the card reader machine then the machine asks
for authentication information like secret password etc. Later the user is allowed to
perform the transaction. These credit cards have several disadvantages like,
Disadvantages:
r Instant clearing of funds is not possible.
r User is always under the pressure of limits on purchase defined by
the issuer of the card and also every transaction involves certain charges.
r Insecure transactions using fixed encryption.
r The card has to be renewed once it is expired.
•Smartcards:
A smartcard resembles a credit card except that it has a microchip embedded
within it, which allows the smartcard to store information and sometimes to even perform
simple calculations. Common smartcard chips typically holds about 8,000 bytes (characters)
of information, which enables the smartcard to perform a variety of functions such as
identification, storing bank account information and holding digital cash. Payment
information in the form of currency value is stored on this chip and can be retrieved with
specially designed card readers.
Disadvantages:
r Insecure transactions using fixed encryption.
r Risk of data loss due to chip failure.
•New Approach
As this is an era of internet every thing is getting online like shopping,
business, banking etc. In the recent trend even money is available online at any time in the
form of digi-cash or cybercash etc. These are the recent medium of exchange, which are
necessary for the existence of e-banking. As in future the world is going to be paper less
cash the existence of e-cash will lead e-banking. In future internet is going to capture the
whole world and the private currency will become the media of exchange in e-banks
replacing the government currency. Keeping this point of view in mind and 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:
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 (Fig-1
page -8). 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.
Fig-1 A Money Pad
Operation of Money Pad:
•New User: (Refer fig-2 page 10)
When a user wishes to have a Money Pad, he is supposed to visit a near by bank
which has a e-bank facility. It is necessary for the new user to create a 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 a 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.
•Transaction using Money Pad: (Refer fig-3 page 10)
Whenever a user wants to use the Money Pad he has to place his finger on the
touch sensor and then place it in a finger print reader. The reader will ask for bank code so
that he can enter into his e-bank, then his account number so that he can enter into his
account. After this the reader will access the fingerprint and matches with that present on
the Money Pad as well as present in the data base server. If a match occurs the reader
knows that he is a authorised user and allows for further transactions. If not then the reader
comes to know that the user is unauthorised and a provision can be made so that the digicash
present in the Money Pad is e-mailed back to the authorised account holder using the
user details present in the Money Pad. As the Money Pad has read and write facility it is
used to down load digi-cash, carry on transaction and store the balance.
Write Protect
Nob
Touch Sensor
Outer cover
Space For
Read/Write
Magnetic Disk
Central Hub
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.
Technical Implementation
The Money Pad uses the Biometric Technology as the technique with which the
security is provided. Biometric Technology are used to accurately identify and verify an
individuals identity. This involves identifying his physiological and behavioural
characteristics. Biometrics in general refers to the study of biological characteristics. With
reference to computer security, it refers to authentication techniques using biological
characteristics that are measurable or identifiable and unique to an individual.
The accuracy of any biometric system is measured in two ways:
•False Acceptance Rate – Where an impostor is accepted as a match.
•False Rejection Rate – where a legitimate match is denied access.
Fingerprint verification is one such biometric system, which authenticates
weather the user is a authorised person or not. It involves the user placing his finger over a
glass plate, which resides over a high-resolution change coupled cameras. The image
captured is compared to that in the systems database and decides the user authentication. A
finger print reader can be used for this purpose (fig-4).
Fig-4 A Finger Print Reader
Push Button
Fields Of Application:
•Applicable in e-banks and in any kind of e-transactions
The money pad device is capable of carrying digi-cash and hence it is useful to
perform any kind of e-banking or any kind of e-transaction.
•Can be used to carry out remote transactions
As digi-cash can be carried in Money Pad it is useful to perform remote
transaction like e-payments, dig-cash transfer etc.
•Useful to carry Digital cash
Since in future paper cash is going to extinct, man needs a secure means to
carry digi-cash. As Money Pad provides a secure means to carry digi-cash it will be very
needful in future.
•Utilization of personal data in filling order forms
The personal data stored in the Money Pad can be used to fill order forms
thus saving users time.
•Applicable in m-commerce transactions
Since digi-cash is carried everywhere it is applicable to any kind of mcommerce
transactions.
•Applicable in daily life
As it is useful in shopping, identification, telephone services and licenses it is
applicable in daily life also.
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 digi-cash 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”.