1.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 otherwise the Money Pad is not

accessible. Thus providing a form of security to the ever-lasting transaction

currency of the future ―e-cash‖.

SARATH B

10200626

MONY PAD

2. 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.

Fig 1 working of current system

• 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:

Ì Instant clearing of funds is not possible.

Ì User is always under the pressure of limits on purchase defined by the issuer of the card

and also every transaction involves certain charges.

Ì Insecure transactions using fixed encryption.

Ì 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:

Ì Insecure transactions using fixed encryption.

Ì Risk of data loss due to chip failure.

Fig 2 working of smart card

• NEW APPROACH

As this is an era of internet everything 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

cybercast 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 overcome.

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”.

3. MONEY PAD

Fig3 a photo for 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. Touch sensor is used

to record the fingerprint of the user. Magnetic disk, which has the read and writes permission,

is used to hold the authentication details of the user, bank code as well as dig-cash. The bank

code and account number of the owner of this money pad is present on the label.

• New User:

When a user wishes to have a Money Pad, he is supposed to visit a nearby 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.

BIOMETRICS TECHNOLOGY

As acharacterstic it is ameasurable biological (anatomical and physiological)and behavioural

characterstics that can be used forautomated recognition.As a process it encompasses

automated methods of recognizingan individual based on measurable biological (anatomical

and physiological)and behavioural characterstics.used in description of biometric

system(eg.face recognition or iris recognition )relating to therir fundamental function.Generic

term does not necessarly imply verification closed set identification or open set identification

(watchlist)

Task where the biomrtric system attempts to confirm an individuals claimed

identity by comparing asubmittedsample to one or more previously enrolled templates

.abiometic is collected and compared to all the templates in a database.closed set

identification is the person is known to exist in the database.open set identification is the

person is not guaranteed to exist in the database.system determines if the person in the

database.

TRUE BIOMETRIC SYSTEM

Use automated coparisons of electronic data to calculate a match and template data to

conduct the match.smaller amount of data extracted from the detailed sample and differential

between the template and the sample conceptually similar to the potential gap between

probable match and actual identicalness.education and contingencies are the create

organizational awareness and prepare for unforeseen situations.the protection of them are

participant awareness,organizational sophistication and decision making process.the

biometrics are used national security for automated methods capable of rapidly determining

an individuals true identity,previously used identities and past activities.the homeland

security and law enforsement used to technologies tosecure the u.s while facilitating

legitimate trade and movment of people and to identity criminals in the civilian law

enfiorcement enviorment.

The enterprise and e-goverment services are administrations of

people,process and technologies.the personal information and business transaction to

business plans that meet customer demand for service at any time,from any location and

through multiple communication devices.

TRANSACTION USING MONEYPAD

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.

. WHY USE OF 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 everybody 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 meeting 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. Whereas 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.

IN CASE OF ACCIDENT

The proposed terminal station operates as follows. When an accident report concerning an

electronic wallet device arrives at the receiving means, the transmission means forwards it to

the electronic wallet management unit. The electronic wallet management unit then supplies

temporary electronic wallet data. The temporary electronic wallet data writing means writes

this temporary electronic wallet data to a memory of one of the temporary electronic wallet

devices stored in the medium storage means. Then the temporary electronic wallet device

releasing means releases the temporary electronic wallet device containing the temporary

electronic wallet data. In this way, the customer can receive a temporary electronic wallet

device by entering an accident report to the station, which eliminates his/her inconvenience

for the time being.

Moreover, the present invention provides a computer-readable medium storing an electronic

wallet management program which manages an electronic wallet device holding monetary

data. This program causes a computer to function as: backup condition testing means for

testing predefined backup conditions to determine whether to make a backup, when the

electronic wallet device communicates with any other device to transfer monetary data;

backup data sending means for sending out a predetermined set of backup data collected from

the electronic wallet device, when said backup condition testing means has determined to

make a backup; and backup data management means for receiving the backup data from said

backup data sending means and saving the received backup data into a backup database.

When the stored electronic wallet management program is executed on a computer, the

computer will function as: backup condition testing means for testing predefined backup

conditions to determine whether to make a backup, when the electronic wallet device

communicates with any other device to transfer monetary data; backup data sending means

for sending out a predetermined set of backup data collected from the electronic wallet

device, when said backup condition testing means has determined to make a backup; and

backup data management means for receiving the backup data from said backup data sending

means and saving the received backup data into a backup database.

. 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

presides 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

. FIELD 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 mpression is going to

provide a strong base for security in the future we can predict that ―History Repeats‖.

. 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.

REFERENCES

http://www.electronicgadgets.com

http://www.techworld.com