Here is reply to your querries regarding privacy and security in electronic currency system:
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) 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 e
