Fields 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.
ADVANTAGES AND DISADVANTAGES
ADVANTAGES AND DISADVANTAGES
ADVANTAGES:
Ø Faster and smarter
Ø Portability
Ø Flexibility(no need to carry separate ATM,Debit,Credit card, pan card or cash etc.)
Ø Highly secured(deactivates on illegal use)
Ø Reliability (unaffected by electric and magnetic field).
DISADVANTAGES:
Ø Expensive
Ø It uses fingerprint detection for security purpose So if a person’s finger gets accidentally cut or injured, the detection technique will fail to match the patterns.
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”.
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