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- 1. MONEY PAD MONEY PAD A Technical Report submitted in partial fulfillment of the requirements for the award of the degree of BACHELOR OF TECHNOLOGY In COMPUTER SCIENCE & ENGINEERING By Name of the student (Register Number) Under the esteemed guidance of Dr./Mr. Guide name Qualification Designation(Ex: Associate/Assistant Professor) DEPARTMENTOF COMPUTER SCIENCE & ENGINEERING SHRI VISHNU ENGINEERING COLLEGE FOR WOMEN (Approved by AICTE, Accredited by NBA, Affiliated to JNTU Kakinada) BHIMAVARAM – 534 202 2012 – 2013 Page 1
- 2. MONEY PAD SHRI VISHNU ENGINEERING COLLEGE FOR WOMEN (Approved by AICTE, Affiliated to JNTU Kakinada) BHIMAVARAM – 534 202 DEPARTMENT OF COMPUTER SCIENCE & ENGINEERING CERTIFICATE This is to certify that the Technical Report entitled “Technical Report Name”, is being submitted by Candidate Name bearing the Regd. No. 09B01A0501 in partial fulfillment of the requirements for the award of the degree of “Bachelor of Technology in Computer Science & Engineering” is a record of bonafide work carried out by her under my guidance and supervision during the academic year 2012–2013 and it has been found worthy of acceptance according to the requirements of the university. Guide Head of the Department Page 2
- 3. MONEY PAD MONEY PAD ABSTRACT: "Money in the 21st century will surely prove to be as different from the money of the current century as our money is from that of the previous century. Just as fiat money replaced specie-backed paper currencies, electronically initiated debits and credits will become the dominant payment modes, creating the potential for private money to compete with government-issued currencies." Just as every thing is getting under the shadow of “e” today we have paper currency being replaced by electronic money or e-cash. Hardly a day goes by without some mention in the financial press of new developments in "electronic money". In the emerging field of electronic commerce, novel buzzwords like smartcards,online Page 3
- 4. MONEY PAD banking, digital cash, and electronic checks are being used to discuss money. But how are these brand-new forms of payment secure? And most importantly, which of these emerging secure electronic money technologies will survive into the next century? These are some of the tough questions to answer but here’s a solution, which provides a form of security to these modes of currency exchange using the “Biometrics Technology”. The Money Pad introduced here uses the biometrics technology for Finger Print recognition. Money Pad is a form of credit card or smartcard, which we name so. Every time the user wants to access the Money Pad he has to make an impression of his fingers which will be scanned and matched with the one in the hard disk of data base server. If the finger print matches with the user’s he will be allowed to access and use the Pad other wise the Money Pad is not accessible. Thus providing a form of security to the ever-lasting transaction currency of the future “e-cash”. 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 substituted by smartcards, digital cash and instant transfers of funds. The large paper bureaucracy of banks is quickly becoming redundant, burdensome, 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. 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 Page 4
- 5. MONEY PAD 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, 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 other wise the Money Pad is not accessible. Definition: "Money in the 21st century will surely prove to be as different from the money of the current century as our money is from that of the previous century. Just as fiat money replaced specie-backed paper currencies, electronically initiated debits and credits will become the dominant payment modes, creating the potential for private money to compete with government-issued currencies." Just as every thing is getting under the shadow of "e" today we have paper currency being replaced by electronic money or e-cash. Hardly a day goes by without some mention in the financial press of new developments in "electronic money". In the emerging field of electronic commerce, novel buzzwords like smartcards, online banking, digital cash, and electronic checks are being used to discuss money. But how are these brand-new forms of payment secure? And most importantly, which of these emerging secure electronic money technologies will survive into the next century? These are some of the tough questions to answer but here's a solution, which provides a form of security to these modes of currency exchange using the "Biometrics Page 5
- 6. MONEY PAD Technology". The Money Pad introduced here uses the biometrics technology for Finger Print recognition. Money Pad is a form of credit card or smartcard, which we name so. Every time the user wants to access the Money Pad he has to make an impression of his fingers which will be scanned and matched with the one in the hard disk of data base server. If the finger print matches with the user's he will be allowed to access and use the Pad other wise the Money Pad is not accessible. Thus providing a form of security to the ever-lasting transaction currency of the future "e-cash". Money Pad - A form of credit card or smart card similar to floppy disk, which is introduced to provide, secure e-cash transactions. What is money pad,define money pad ,their working ,uses? Money Pad is a method developed by Tobias Wong for binding bills (usually of one or two dollar denominations) so that they can be easily carried around, and torn off the pad whenever needed for payment. Another type of Money Pad is a futuristic wallet that operates like a credit card or smartcard, automatically verifying the user's identity before issuing cash debits: "Money in the 21st century will surely prove to be as different from the money of the current century as our money is from that of the previous century. Just as fiat money replaced specie-backed paper currencies, electronically initiated debits and credits will become the dominant payment modes, creating the potential for private money to compete with government-issued currencies." Just as every thing is getting under the shadow of "e" today we have paper currency being replaced by electronic money or e-cash. Hardly a day goes by without some mention in the financial press of new developments in "electronic money." In the emerging field of electronic commerce, novel buzzwords like smartcards, online banking, digital cash, and electronic checks are being used to discuss money. But how are these brand-new forms of payment secure? And most importantly, which of these emerging secure electronic money technologies will survive into the next century? Page 6
- 7. MONEY PAD These are some of the tough questions to answer but here's a solution, which provides a form of security to these modes of currency exchange using the "Biometrics Technology." The Money Pad introduced here uses the biometrics technology for Finger Print recognition. Money Pad is a form of credit card or smartcard, which we name so. Every time the user wants to access the Money Pad he has to make an impression of his fingers which will be scanned and matched with the one in the hard disk of data base server. If the finger print matches with the user's he will be allowed to access and use the Pad other wise the Money Pad is not accessible. Thus providing a form of security to the ever-lasting transaction currency of the future "e-cash." Money Pad - A form of credit card or smart card similar to floppy disk, which is introduced to provide, secure e-cash transactions. 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. Page 7
- 8. MONEY PAD 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. Technical Details : 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. 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 Page 8
- 9. MONEY PAD 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: Instant clearing of fund is not possible. User is always under the pressure of limits on purchase defined the issuer of the card and also every transaction involves certain charges. Insecure transactions using fixed encryption. The card has to be renewed once it is expired. Insecure transactions using fixed encryption . Risk of data loss due to chip failure. 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. New Approach As this is an era of internet every thing is getting online like shopping, Page 9
- 10. MONEY PAD business, banking etc. In the recent trend even money is available online at any time in the form of digi-cash or cybercash 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 over come 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: 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 write permission is used to hold the authentication details of the user, bank code as well as digi-cash. The bank code and account number of the owner of this money pad is present on the label. Page 10
- 11. MONEY PAD 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: Instant clearing of fund is not possible. User is always under the pressure of limits on purchase defined the issuer of the card and also every transaction involves certain charges. Insecure transactions using fixed encryption. The card has to be renewed once it is expired. Insecure transactions using fixed encryption . Risk of data loss due to chip failure. 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. New Approach As this is an era of internet every thing is getting online like shopping, Page 9