Sunday, 29 May 2011

NFC Money Wallet Mobiles Replacing CASH Can Eradicate All Economic Crimes

(Latest revision on 1st June  2011)

In recent years, 2011 in particular,  world public  are getting frequent news reports, articles about the Digital E-Money transaction (payment and receipt)  enabling, Near Field Communication (NFC) technology equipped mobile phones entering into the world market in a big way, rapidly replacing the century old traditional CASH currency even in the everyday small trading or the money exchange.  However the public  are not much aware of its great potential to eradicate most of the corruptions from the world. In my paper  titled “ IT To Root-out Corruption” written in 2008, I strongly contend that the CASH MONEY IS THE KEY FACILITATOR OF ALL CORRUPTION, therefore replacing the Cash Currency by the Digital or E-Money  having the Biometric Identity (BID) can enable the society to get rid of most of the corruptions, basically  illicit money transactions  economic crimes  including the violent ones, if there is the political will to get it done.

My above mentioned paper now published in <>  gives foremost importance to the modern cyber age, hi-tech  Digital or E-Money Transaction in which the Near field Communication technology today at its forefront. Experts in the field strongly predict that it will gradually going to replace the CASH currencies and eventually will make it redundant in the future. This is very much also my position, in which I strongly argue that it is very much necessary that these  digital money devises, NFC’s in particular should most  importantly have the Biometric Identity (palm finger print , face, iris recognition etc) based Social Security Number (SSN) code; so while making the e-money transaction both devises should first check, exchange and record the SSN code numbers (like a phone call number) in-between to get it activated to make a safe and secure  money transactions.

The Bio-ID  security feature in the NFC technology enables it to effectively prevent all sorts of cyber economic crimes such as the digital or e-money pick-pocketing and its related frauds, theft, counterfeit etc. However  most importantly it will  protect the people from dangerously becoming  the targets or victims of  all sorts of  violent economic crimes like mugging, looting, robbery, assault even from getting murdered,  all these crimes mostly committed to ROB MONEY or to take revenge against it or to prevent it!  

By the way, there  needs to be a limit to the amount of money a NFC digital money wallets can hold; when the amount (or its transaction records) exceeds a given limit  the sum (or the transaction records) should be first transferred to its main bank account, similarly when the wallet gets empty it can refilled from it. Of course, the NFC needs to be equipped with the internet connection (already there) so even a big sum of money can be transferred part by part from one NFC to the other NFC, then send (by wireless money like a Credit Card) online and deposited into their bank  account (or vice versa) in the process all its transaction  details including  the SSN ID will get recorded in the banks digital money data storage system (like phone call records). In short, all this will ensure that the electronic or digital money transaction becomes highly secure and safe that it will be impossible for anyone to steal, rob or commit fraud with this E-Money.
This is the most effective way to prevent corruption, which is basically illicit money transaction as every e-money transaction conducted through this NFC between people and the businesses eventually will  get recorded in its main banks account (like in the bank pass-book) providing the concrete evidences  of the money trail track record of any such criminal or illicit money transaction (corruption) any time afterwards. Thereby, if  there is any authentic (prima facie)  economic crime suspicion or the public allegations, its public scrutiny or legal inquiry can be ordered by the courts (or the assigned authorities) so its e-money transaction records can be made available as a concrete evidence to prove or disprove the crime before the courts. This is how it will effectively deter most (if not all) people from indulging in  any such kinds of economic crimes including the violent crimes mentioned earlier.

By the way there needs be two main kinds of Social Security bank account number based NFC’s. The first one is the already mentioned SSN, universally unique for each and every individual  person mainly for the  personal or ownership  use/purpose but the  second one NFC mainly for  the business purpose may be called as Social Security Business Number (SSBN).  However it should  have the SSN of the Proprietor(s) or the manager(s) in its registry records. The SSBM  among other things most importantly for enabling the Govt. TAXATION. Besides that, people  can have any number of  NFC’s but all of them should come under either the SSN or the SSBN  based  bank accounts.

Before concluding I would like to point out that nowadays the general public come across some troublesome  news reports articles about the digital e-money that can  lead into dangerous cyber economic crimes in the future . However there are seldom any articles about mentioning the great advantage of the NFC if combined with the Bio-ID technology that can make the e-money transaction highly safe and secure. Hereby I appeal to all those experts, especially the company professionals who are actively promoting the NFC digital, e-money wallet mobile phones,  please to HIGHLIGHT the tremendous benefits of the NFC if combined with the BID in providing the greatest of all safety and security to the entire economic system of the world helping to prevent all sorts economic crime including its related violent crimes.

I have explained most of its details in the paper titled “IT To Root-Out Corruption”  now in <>  and secondly in <>.  The web page short addresses of some of its most important papers post articles  given  down below.  It is very important to go through those articles.

Before which, some important news report articles on the NFC e-money transaction

IT To Root-Out Corruption

CASH Money The Key Facilitator Of All Corruption

Corruption Wins Election Honest Candidates Loose                                                                   

Transparency International: Corruption Perception Index A Sham

Poverty Greatest Crime Against Humanity                                                                                            

My Other Blog-sites:

Drunk Driving DUI Root Cause

Alcoholics Cure well


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