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ASHISH SHARMA
Joined: Jul 3, 2004
Posts: 11
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Gender & Age: Male & 46
Country: India
Province/State: Rajasthan
City: Jaipur
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Electronic Currency System
December 21, 2004 - 09:34 AM
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I have devised Electronic Currency System, a complete monetary system, proposing to replace present monetary system i.e., Paper Currency System. Application of electronic currency system will solve almost all the present day's economic and social problems. This will also solve unemployment problem. Details about this idea/innovation can be seen by visiting http://projects.takingitglobal.org/ecurrency
I request for interaction/comments in this regard.
Also please visit www.electroniccurrencytime.com. Any body interested in joining is welcome.
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Richard Elkind
Joined: Jul 21, 2003
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Country: Canada
Province/State: Ontario
City: Toronto
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Electronic Currency
January 23, 2005 - 05:44 AM
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Ashish,
Sorry for the delay in getting back to your message. I had the opportunity to read you ideas on electronic commerce.
I would agree with you, that with the introduction of electronic commerce it will eventually have the ability to control fraud, counterfeiting and many other issues that can go on with a paper system.
Right now most of the major banking systems, security companies, software companies together with the semiconductor industry have been working for years on what they call the smart card. Basically a Credit Card with a Smart Semiconductor imbedded in the card. This Smart card would carry all your personal information, your drivers license, your bank card, credit cards, Social Security Number, you passport. http://www.smartcardalliance.org/
There are several issues with bringing any device into the market place that has such tight controls and includes so many facets of a persons life on one card. One is that the government, banks, Credit Cards and marketing companies would know EVERTHING about you, this is a freedom issue. Should our governments and big brother, have that kind of control, and should that be tied into the banking and marketing systems as well. It would create tighter controls on the movements of individuals i.e. Terrorists, and would be good, but it also does the same for many private citizens, your own government would know everything about you, marketing companies would easily be able to track how your spend your money, where you go and sell this information to people who want to sell you products and services. Is it or is it not a violation of our privacy on a most basic level. This argument has been going on for 10 years now.
The other, is obviously security issues. It would work the same as our Bank cards, slide it in, or pass it over a card reader, and it will be read, then enter your personal password for access to your funds. Great concept, one card for everything. It will be the future of our global economy and save billions of dollars. But how to make it safe. How to make it a Global system with one format, and Bullet proof security? There are so many angles to look at here, a group taping into the system, and infiltrating it with a virus, that waits to accumulate massive amounts of transaction numbers and banking codes, and in one stroke, makes any robbery ever look like pennies. Insuring the safety to banks, government and people will be seen soon. But at this time, they bring up many more questions about how to secure various areas of the economy, the solutions at this time. But, soon, very soon, it will become the solution to many problems.
I wish you the best on your endeavors, and hope that perhaps with your ideas, you can bring more to the party, then what exists today.
Richard Elkind
Toronto, Canada
www.meridiandefense.com
"Information security for business"
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ASHISH SHARMA
Joined: Jul 3, 2004
Posts: 11
Poster Rank:
Soft-spoken
User is
Offline
Gender & Age: Male, 46
Country: India
Province/State: Rajasthan
City: Jaipur
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Electronic Currency System
January 25, 2005 - 11:40 AM
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Dear Richard,
I thank you very much for paying attention to my email and discussion posted. I am herein below replying to your querries regarding Privacy and Security.
Electronic Currency System will be online for Banks among themselves and with their controlling Institution/Central Bank. For Citizen/public , this system will be offline.
In paper currency system too, people use cheques/credit cards(Though credit cards are being easily misused by cheaters) for making payments. That means, majority of transactions are through Banks, but banks(despite knowing peoples’ all bank-transaction details) do not make these transactions public. This can be proved with the fact that in a country like India 75% of the peoples’ money is with banks still banks maintain their confidentiality. Now a days also banks do freeze/seize accounts of anti social elements.
As this electronic currency system is not online for public therefore, peoples’ confidentiality about their money is assured. Except for the Bank, nobody would have anybody’s monetary information i.e., nobody can have access to other person’s data field. In other words, electronic currency pad will be designed in such a way that people/electronic currency pad holder could feed only payable amount as transaction codes will be computer generated and will appear in the screen immediately on pressing payment button. Transaction codes will be designed in such a way that transaction code belonging to one electronic currency pad will not be operable in another electronic currency pad. By any chance, if somebody acquires transaction codes belonging to other person, first of all he will not be able to feed that transaction code into his electronic currency pad, still if by any chance he fed that transaction codes, those transaction codes will not be operable in his electronic currency pad as transaction codes codification will be such that each transaction code will be distinct being linked to the unique code number of the particular electronic currency pad. Besides, the most prime thing is that transaction codes do not in itself mean money. Though transferring money will be through transaction codes but mere duplicating/acquiring transaction codes do not mean that money is transferred. Transaction codes do resemble paper currency number but they are not attached to particular amount for example transaction code say TCMS2KA1JNRJPRc00001 can be used for transferring/transacting any amount that payer desires to pay subject to the money balance, that may be $5, $10, $20, $50 ….$500….million $ … any amount. Thus just acquiring transaction codes do not mean money transfer. We will have totally different picture to what our paper currency system has like $5, $10, $50 … etc.
In electronic currency system we will not have to pay counting how many should be $5, how many should be $10 etc., we will be able to perform transaction by executing only one transaction code to one receiver. For example suppose payer has to pay to the receiver say $99.95, in paper currency system payer will pay say 10 $10 notes and will ask for refund of $0.05 the balance amount. But in electronic currency system one transaction code can be used for paying that $99.95 amount for performing the transaction.
As system is online only for banks among themselves (for public system will be offline), hence secrecy as well as security is ensured making the system foolproof from viruses.
For controlling terrorism/ unaccounted transaction and for unimaginable positive impacts on economy and society I think we should let the Government have limited access to our transaction information. Besides this system will generate “INCOME CYCLE” (Please see my discussions as well as updates for details as all my discussions and updates posted are related to 'electronic currency system') making country as well as people self reliant and richer.
I am so happy and thankful about your sincere attention. please guide me how I can take this project further. You have a very impressive clientele – IBM etc. You have the position to take this project in the attention of the economic think tanks and the computer savvy minds of the world. I invite you to participate in this project for noble cause. Otherwise you may also contribute financially for developing “software and Hardware for this project. Looking forward for early and positive response. I will be so happy to ansering your any querries.
Regards,
Ashish Sharma
Email ashishsharma@electroniccurrencytime.com
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