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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 smartcards,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”.
Keywords:
1. Money Pad - A form of credit card or smart card similar to floppy disk, which is introduced to provide, secure e-cash transactions.
2. Digital or Electronic Cash or Digi-cash or E-cash or Ecash or Digital Money -
These terms are also used interchangeably, and they refer to any of the various methods that allow a person to purchase goods or services by transmitting a number from one computer to another. The numbers are issued by a bank and represent sums of real money. Digital cash is anonymous and reusable.
3. Personal Digital Assistance - A PDA, sometimes referred to as a palm-top computer, is smaller than a laptop computer and does not have as much computing power. Used to send email via a wireless modem, write documents in a text editor, perform calculations in a spreadsheet, store names and addresses, and perform other common business and personal tasks.
4. Biometrics Technology - Technology used to accurately identify and verify an individual’s identity.
5. Finger Print Reader – A machine with read/write head capable of reading the information stored in the Money Pad.
6. Float – The transaction in terms of digi-cash, which takes zero-sum gain, is called float.
7. Fiat Money – Authorized money.
8. Specie-Backed – Coined money.
9. Legitimate – Law full.
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 substituted by smartcards, digital cash and instant transfers of funds. The large paper bureaucracy of banks is quickly becoming redundant, burdensome, even out of date .
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 used 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.