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 <bolgspot.com> 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 <ittorootoutcorruption.blogsight.com> and secondly in <anticorruptionfight.blogspot.com>. 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
http://www.slashgear.com/amazongoogle-ramping-up-interest-in-nfc-31143791/ http://symbian-lifeblog.com/2008/11/nfc-near-field-communication.html http://www.nokiaphoneblog.com/2007/11/nokia-to-field-test-nfc-in-london/comment-pagehttp://www.tipb.com/2011/03/18/iphone-5-nfc/http://www.91mobiles.com/blog/4476/Samsung+shows+off+NFC+Chip+with+flash+memory.html http://www.phbeta.com/technology/amazon-said-to-be-considering-nfc-based-mobile-payment/comment-page-1/#comment-814
IT To Root-Out Corruption
CASH Money The Key Facilitator Of All Corruption
Transparency International: Corruption Perception Index A Sham
Poverty Greatest Crime Against Humanity http://bit.ly/gLpRdv
My Other Blog-sites:
Drunk Driving DUI Root Cause
Alcoholics Cure well