Money pad report

Money Pad

Money Pad by Shubham Kolapkar 8149163269

GOVERNMENT POLYTECHNIC, PUNE 16

(An Autonomous Institute of Government of Maharashtra)

Department Of Computer Engineering

A Seminar On

Money Pad

Submitted By

Shubham S. Kolapkar

(EnrollmentNo.1206107)

([email protected])

Money Pad


GOVERNMENT POLYTECHNIC, PUNE 16

(An Autonomous Institute of Government of Maharashtra)

Department Of Computer Engineering

CERTIFICATE

This is to certify that the seminar report entitles “MONEY PAD”

Submitted by Mr. Shubham Shekhar Kolapkar is a bonafide work carried out

by them under the supervision of Prof. and it is approved for the partial

fulfillment of the requirement of Government Polytechnic, Pune for the award

of the Diploma of Engineering (Computer Engineering)

Place : Pune

Date : 28/08/2014

Money Pad


ACKNOWLEDGEMENT

I would like to thank everyone who helped to see this seminar to completion. In

particular, I would like to thank my seminar coordinator Mrs. for her moral support and

guidance to complete my seminar on time. Also I would like to thank Mrs. for his invaluable

help and support.

I would like to take this opportunity to thank, Head Of Computer Department, for his

support and encouragement.

I express my gratitude to all my friends and classmates for their support and help in

this seminar.

Last but not the least, I wish to express my gratitude to god almighty for his abundant

blessing without this seminar would not have been successful.

Mr. Shubham S. Kolapkar

(1206107)

Money Pad


ABSTRACT

Money Pad:

Money pad , a form of credit card or smart card similar to floppy disk, which is use to

provide secure e-cash transactions. The Money pad technology uses the Bio-metrics

technology for finger print recognition. Every time the user wants to access the Money pad he

has to make an impression of his fingers which will be scanned & matched with the one in

the hard disk of data base server. If the finger print matches with the users finger print then he

will be allowed to access & use the Pad otherwise the Money pad is not accessible. Thus

providing a form of security to the everlasting transaction currency of e-cash.

Biometrics comprises methods for uniquely recognizing humans based upon one or more

intrinsic physical or behavioural traits. In Computer Science Biometrics is used as a form of

identity access management & access control. It is also used to identify individuals in groups

that are under surveillance. Money pad consists of a stored information like account number,

bank code, & his finger print. It is applicable in e-banks & in any kind of e-transactions. It can

be used to carry out remote transactions & also applicable in daily life

Money Pad


INDEX

CHAPTER TITLE PAGE NO.

1 INTRODUCTION

2 TECHNICAL DETAILS OF PAPERS

2.1 Basic of the Present System

2.2 Credit Cards

2.3 Smart cards

2.4 New Approach

3 MONEY PAD

3.1 New User

4 BIOMETRICS TECHNOLOGY

4.1 True Biometric System

5 HOW IT WORKS

6 TRANSACTION USING MONEY PAD

7 WHY USE OF MONEY PAD

8 IN CASE OF ACCIDENT

9 TECHNICAL IMPLIMENTATION

10 FIELDS OF APPLICATION

11 ADVANTAGES & DISADVANTAGES

12 CONCLUSION

13 REFERENCES

Money Pad


1. INTRODUCTION

Money Pad:

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.

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 Prints of the user and decides

whether 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

Money Pad


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”.

Fig3 a photo for money pad

Money Pad


2. TECHNICAL DETAILS OF THE PAPER

2.1 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

2.2 Credit cards:

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

Money Pad


for authentication information like secret password etc. Later the user is allowed to

perform the transaction. These credit cards have several disadvantages like,

Disadvantages:

1 Instant clearing of funds is not possible.

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

and also every transaction involves certain charges.

3 Insecure transactions using fixed encryption.

4 The card has to be renewed once it is expired.

2.3 Smart Cards:

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:

1 Insecure transactions using fixed encryption.

2 Risk of data loss due to chip failure.

Fig 2 working of smart card

Money Pad


2.4 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”.

Money Pad


3. 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.

3.1 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

Money Pad


(from where he has purchased this money pad)

and his fingerprint.

Money Pad


4. BIOMETRICS TECHNOLOGY

Biometrics comprises methods for uniquely recognizing humans based upon one or

more intrinsic physical or behavioural traits. In computer science, in particular, biometrics is

used as a form of identity access management and access control. It is also used to identify

individuals in groups that are under surveillance.

Biometric technologies are defined as automated methods of identifying or

authenticating the identity of a living person based on unique physiological or behavioural

characteristics. Biometrics can provide very secure and convenient authentication for an

individual since they cannot be stolen or forgotten and are very difficult to forge.

As a characteristic it is a measurable biological (anatomical and physiological) and

behavioural characteristics that can be used for automated recognition. As a process it

encompasses automated methods of recognizing an individual based on measurable

biological (anatomical and physiological)and behavioural characteristics used in description

of biometric system(e.g. face recognition or iris recognition )relating to their fundamental

function. Generic term does not necessarily imply verification closed set identification or

open set identification.

Task where the biometric system attempts to confirm an individuals claimed

identity by comparing a submitted sample to one or more previously enrolled templates .A

biometric 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.

Money Pad


4.1 True Biometric System

Use automated comparisons 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 individual’s true identity, previously used identities and past activities. The homeland

security and law enforcement used to technologies to secure us while facilitating legitimate

trade and movement of people and to identity criminals in the civilian law enforcement

environment.

The enterprise and e-government 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.

Money Pad


5. HOW IT WORKS

All biometric systems operate in a similar manner. First the system capture a sample

of biometric characteristic known as enrolment process. During enrolment, some biometric

system may require a number of samples in order to build a profile of the biometric

characteristic. Unique features are then extracted and converted by the system into a

mathematical code. This sample is then stored as the biometric template for the enrol. The

template can reside on a computer database, smart card or barcode.

In addition, the biometric system may require a trigger, or a means of matching the

template to the person. In either case, the end user interacts with the biometric system for a

second time to have his or her identity checked. A new biometric sample is then taken and

this is compared with the template. If the template and the new sample match, the end user is

granted access. This is the basic premise of biometric- that a person has a sample of their

biometric data captured and the biometric system decides it it matches with another sample.

The following four stage process illustrates the way biometric system operate:

Capture

Physical or behavioural sample is captured by the system during enrolment.

Extraction

Unique data is extracted from the sample and a template is created.

Comparison

The template is then compared with a new sample.

Matching

The system is then decides if the feature extracted from the new sample or not.

Money Pad


6. 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.

Money Pad


7. 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.

Money Pad


8. IN CASE OF ACCIDENT

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.

Money Pad


9. APPLICATIONS

• 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 transaction

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.

Money Pad


10. ADVANTAGES & DISADVANTAGES

Advantages:

1. Highly secure

2. No need to carry any physical wallet or cards.

3. Can be used in remote area by using WPAN

4. Eliminate problems caused by lost IDs or forgotten passwords

5. Replace hard to remember passwords which may be shared or observed

6. Reduce password administration cost

7. Instant clearings of funds

Disadvantages:

1. There should at least one e-bank in city

2. Unable to use for hard workers & old age person

Money Pad


11. 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 impression is going to

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

Money Pad


12. REFERENCES

http://www.electronicgadgets.com

http://www.techworld.com

An international paper search moneypad by V.Preetham Kumar from university of

Bittsfilany.

http://www.electronicgadgets.com/

http://www.techworld.com/

Economy & Finance

Money pad report