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E-Wallet

  • Date Submitted: 05/31/2012 04:44 AM
  • Flesch-Kincaid Score: 57 
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1. INTRODUCTION

With the advent of computers many technologies are taking this world by a surprise. These include Embedded Systems (ES), Artificial Intelligence (AI), Neural Networks (NN), Fuzzy Logic, Bluetooth and many more are upcoming. This paper deals with Embedded Systems in a new perspective.
  In easy terms, Embedded Systems can be viewed as a combination of hardware and software components, in which the software is implanted into the hardware to do the specific job. These ES were implemented in various fields from Battery chargers to Aviation Systems besides Cell phones (GSM, GPRS, CDMA, etc.). These ES are being developed in ‘leaps and bounds’. The never-ending efforts of many scientists in the field of ES led to the evolution of Smart Technology (ST).
  Using the basic concept of ES, an idea for changing the future of Cards (Banking, Petro, Health etc.) is proposed in this paper. To interpret this idea, it is first needed to know the pros & cons of today’s ‘traditional’ cards. Consider the example of banking:
  The magnetic stripe cards used for transactions are as simple as visiting cards, with a magnetic tape to hold the user information.








  The basic advantages of these cards are:
    • Easy Duplication
    • Requires a special card reader
    • Networking problems
    • No memory to hold the current balance
    • Limited lifetime
    • No particular user authentication
    • Unsecured remote transaction
    • Limited acceptance
    • Vulnerable to moisture, heat, dirt etc.,

And the list goes on……
            Keeping these pros & cons in view, the Smart Technology is introduced to develop a new class of cards. This stream of Smart Technology can be termed as Smart Card Technology (SCT). This smart card has a microprocessor or memory chip embedded in it that, when coupled with a reader, has the processing power to serve many different applications. Such cards can be referred to as e-Wallet (electronic Wallet)....

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