| Money
Pad, The Future Wallet
|
Definition "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". Money
Pad - A form of credit card or smart card similar to floppy disk, which is
introduced to provide, secure e-cash transactions.
<<back |