ravi final ppt.pptx

8/10/2019 ravi final ppt.pptx

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MONEY PAD- THE FUTURE

WALLET

PresentationBy

Ravi Kumar.K

Usn:3PG09IS406

GUIDEDBY

Asst Prof NETRA.S.N


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INTRODUCTION

The forthcoming centuries will not becashless, but the currency will indeed be

paperless. Thus money in the forthcoming

centuries will be different from the money ofthe current century.

Just as everything is getting under the shadowof e today, the paper currency and cheques

are being substituted by credit cards, smart

cards and e-cash.


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INTRODUCTION(contd)

The wallet of the future will hold less paper cashand coins.

It will hold instead MONEY PAD, containing

digital cash and other financial information

updated automatically by a PDA.


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Basics of the present system

Credit Cards

Smartcards

Debit Cards


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Disadvantages Of Credit

Cards:

Instant clearing of funds is not possible.

User is always under the pressure of

limits

applied charges.

Insecure transactions using fixed

encryption.

The card has to be renewed once it gets

expired


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SMARTCARDS

Resembles a credit card except that it has amicrochip embedded within it.

Microchip stores information and performs small

calculations.


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Disadvantages of

smartcards:

Insecure transactions using fixed encryption.

Risk of data loss due to chip failure.


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DEBIT CARDS

It is a plastic card that provides the card holderelectronic access to his/her bank account.

Can be used an alternative payment method to

cash when making purchases.


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NEW APPROACH

To over come the above drawbacks of creditcards and smart cards, we present a medium

of exchange to carry digital cash wherever

man wants, which we name as MoneyPad.

Money pad is one such medium of exchangewhich aims to provide secure means of

currency exchange.


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MONEY PAD

Money pad is a biometric system ,similar to acredit card or a smart card, just like a floppy

disk.

It consists of a touch sensor and magneticdisk as its peripherals .


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MONEY PAD(contd..)

Touch sensor is used to record the fingerprint of

the user while the magnetic disk, which has the

read and write permission, is used to hold the

authentication details of the user, bank code as

well as digital-cash.


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HOW TO USE MONEY PAD?

NEW USER:

1.Visit a nearby bank with e-banking facility.

2.Create an account with some balance.


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NEW USER(CONTD):

Give necessary details along with finger printswhich are stored in base server.

User is given bank code & account numberalong with money pad

The Money Pad consists of stored informationlike account number, bank code and theusersfinger print.


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Process of issuing money pad:

New user

Request

for moneypad

Create for

new

account

Money pad is

issued

Databaseserver

Enter an e-bank

Creates the details

of the new user and

his finger print

record


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TRANSACTION USING MONEY PAD:

1.Place your finger on the touch sensor & then on thefinger print reader.

2.Enter bank code & account number to enter into e-bank services.

3.If a finger print match occurs, the reader knowsthat he/she is an authorized user and allows forfurther transactions.


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TRANSACTION USING MONEY

PAD(CONTD)

4.If not then the reader comes to know that the user

is unauthorized and a provision can be made sothat the digital-cash present in the money pad is e-mailed back to the authorized account holder usingthe user details present in the money pad.


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Transaction using money pad:

Money pad

Finger print

reader

Database

server

Info . collected in passed to theserver for verification

E-

book

Cannot access: cash is emailed to

owners account

Unauthorized

Authorized


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WHY USE MONEY PAD?

Instant cleaning of funds.

Avoids the insecure ways of carrying money.

Provides strong security.

Can be used by a common man.

Avoids nuisance of renewing.


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TECHNICAL IMPLEMENTATION

The accuracy of any biometric system is measured intwo ways:

1.False Acceptance Rate

where an impostor isaccepted as a match.

2.False Rejection Rate where a legitimate match isdenied access.


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Fingerprint Recognition

Fingerprint recognition or fingerprintauthentication refers to the automated method

of verifying a match between two human

fingerprints.

It is a biometric system, which authenticates

whether the user is an authorized person ornot.


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Fingerprint

Recognition(contd)

It involves the user placing his finger over a

glass plate, which presides over a high-

resolution change coupled camera.

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.


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FIELDS OF APPLICATION

Applicable in e-banks and in any kind of e-transaction.

Can be used to carry out remote transactions.

Useful to carry Digital cash.

FIELDS OF


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FIELDS OF

APPLICATION(contd)

Applicable in m-commerce transactions.

Applicable in daily life.


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CONCLUSION

For a digital currency system to attainwidespread recognition and use, the following

three requirements are necessary:

1. Instant clearing of funds

2.Elimination of payment risk

3.Secure transaction using strong encryption.


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CONCLUSION(contd)

Since the Money Pad aims to satisfy the aboveconditions there is no doubt that in near future it

will be widely recommended for use.

Though at present we may use finger print

reader to access the digital-cash, in the near

future the device can be automated into mobile

phones, watches, hand held devices as well as

WAP devices.


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