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Money Pad

  • Date Submitted: 03/13/2014 11:19 PM
  • Flesch-Kincaid Score: 57.7 
  • Words: 3432
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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 The large paper bureaucracy of banks is quickly becoming redundant, burdensome, and even out of date.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.
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. 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,...


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