Sovereign digital currency : Cashless society even without connectivity


Eliminate ATM, debit card &  cash. New Digital  Wallet Card, the size of credit card enough.

Just as physical wallet can be used anywhere , without internet or SMS , Digital Wallet cards can do the same!



My vision:````
 1. Every bank issues free Wallet .a touch screen device. ( Digital Wallet Card= DWC)

2. Finger print opens . 2. Top row shows balance . Second row user inputs amount to remit. Third row the payee ID .

3. Transmit to payee DWC  with finger print.
3.1 Payee confirms with his finger print.
3.2 seeing confirmation, approve with finger print.
3.3 Option to create own 4digit PIN to pay provided.

 4. Literacy level reading 0 to 9 numbers only.

5. To avoid semi literates doing mistakes in entering payee digital ID
   5.1 NFC/ Bluetooth capability if both are in proximity
   5.2 provide for demand to be raised by payee, then  amount and ID will come to payer who needs to approve .
 6.0 International traveler, payment of foreign digital currency too can be built in. Passport documentation support too can be exchanged.

Design :
1. The device has data only SIM with 4G and SMS connectivity.

2. Opaque to user whether internet or SMS or BT is used.

 3. User ID is 10 digit mobile number of data SIM.

4.MAC ,IMEI SIM ID linked to account number along with finger print for v&v.

5. Keyboard on touch screen is numeric , no decimals. Only 0 to 9. All figures are integers, rounded off to nearest rupee.

6. The scripts used for internet banking run in background for SMS or internet connectivity , opaque to user.

7. Linux based dedicated use wallet just to work as simple wallet in classic sense. 8 Encryption security enforced in transmission.

8. Every one to have one payment account with this wallet given free by bank.

 9. No cash nor ATM nor POS needed but only the Digital Wallet.

10. Data used is free from any charge. 10. Device had one side solar charger and one face touchscreen input.

11 The battery drain practically occurs only at transaction time and briefly. The screen goes to sleep rest of time.

12 .1. The Digital Wallet Card is weather proof. No charging pin hole or any opening for water ingress.

12.2 If lost , not useful to finder , asked to return to nearest post office or drop in post box. The card remains bank property and gets returned as embossed on card. Reported as lost, gets blocked by servers.

Implementation:.

Nodal bank for every District organises multiple mobile KYC vans, covers village by village to ID , give pre programmed dedicated bank specific Digital Wallet Cards to every villager along with account in bank.
The servers of bank host these accounts with connectivity through 3g /4g or SMS
Village by village 100% are covered over one year.
A 65 yr old grandmother need not visit any more a bank for cash.

In addition to banks, Post Offices too roped in to issue Digital Wallet cards hosted on servers at town centers.

Off line mode:

The DWC carries the balance of cash in account as last synced and still can exchange cash through NFC , updating balances within themselves. As extended micro servers of a bank. But by going to post office with wired connection / Wi-Fi hot-spot and a small server, the Wallet gets synced with main server.

Disasters

When cell towers fail , if cash relief is to be granted by govt or relief agencies, a secure Digital Wallet Card of govt brought to site can transfer fund to the needy at site. All records get synced when connectivity restored.

Advantages: when entire nation is covered in two years thus, digital economy takes over.

No currency need to be printed or managed. All government payments too will be received in to govt owned departmental Digital wallet cards.

Entire digital money flow is strictly within banking system and RBI owned.

Nation saves on costs of creating and managing currency. Black, terror drug money eliminated. Additional costs to society in ATM or credit cards etc eliminated. 

Comments

Post a Comment

Popular posts from this blog

Just another day of Brahma we collide with another galaxy !!

Image
  Just in another day of Brahma our Galaxy collides with Andromeda : Earth continues but sky views change and Sun orbit affected !!  Image From Atlantic : reproduced .  In Hindu philosophy, a **Brahma day** (also known as a **Kalpa**) is a vast cosmic period that represents one full day in the life of Brahma, the creator god. This period is equivalent to **4.32 billion years** in human terms⁴. A Brahma day consists of **1,000 Mahayugas** (great ages), and each Mahayuga is made up of four Yugas (ages): Satya Yuga, Treta Yuga, Dvapara Yuga, and Kali Yuga². After the completion of a Brahma day, there is an equally long Brahma night, during which the universe undergoes dissolution before the cycle of creation begins anew². This concept highlights the immense scale of time in Hindu cosmology and reflects the cycles of creation and dissolution that are central to the universe's rhythm. Is there a specific aspect of this concept you're curious about? Source: Conversat...
Read more

Are we experiencing life in a world already extinct millions of years ago?

Image
It’s not rare that my mind feels we are actually living in a world that might have been extinct millions of years ago!     As per Vishnu Sahasra Namam, part of Mahabharata authored by Sri Vedavyasa, Brahma praises his own father Sri Vishnu as Sahasra Yuga Dharane namaha . That if we take as life time for Brahama from his own birth before start of creation and own liberation annihilating the entire creation to join that realm which has no cycles of birth and death. —-ever present abode of Sri Narayana as per Brahmasutra and described in Sri Bhagavad Gita too. That is 1000x10^7x4.32 m or 4.32x 10^16 solar years.        The time scale of Sri Vishnu who is said to create and maintain this universe merely by a wish within less than a second of His time . This translates as the equivalent to 10^16 solar years is my submission. This is  followed by equal time period of yoga Nidra or entire universe transformed back in to suspended particles. So the process of...
Read more

For dummies like me, understanding Hilbert space and play of energy beams around my Atma ! : Using my Buddy Co-Pilot

Image
For dummies what is the Hilbert space and how does it help us? Hilbert space is a concept from mathematics and quantum mechanics that may sound complex, but let's break it down in a simple way: **Hilbert Space Basics:** - **Definition**: Think of it as an infinite-dimensional space, much like how we think of 3-dimensional space, but with potentially endless dimensions. - **Vectors**: In this space, you have vectors (like arrows) that can represent different states or points. - **Inner Product**: It has a special way to measure angles and distances between these vectors, called the inner product. This helps in defining concepts like orthogonality (perpendicularity) and length. **How it Helps Us:** - **Quantum Mechanics**: Hilbert spaces are fundamental in quantum mechanics. They provide the framework for describing quantum states and their evolution. - **Wave Functions**: Quantum states are represented as wave functions, which are essentially vectors in a Hilbert space. This helps i...
Read more