Abstract
A cashless society is an economic state which handles financial transactions not in the form of traditional mediums of currency, such as cash or coins, but by transferring digital data between participating parties. Balancing both the individual privacy along with data security is vital in the information age. In order to increase privacy in a cashless society, a new kind of banking service that assigns randomized numbers to credit cards, and the usage of blockchain to monitor all transactions from individuals, and a campaign to educate and inform key stakeholders about security and privacy risks to provide the necessary tools and interaction with a foreign entity or other third parties. Blockchain and card randomization are both susceptible to zero-day errors, bugs and varied levels of social acceptance. This study provides critical and crucial steps to prevent the loss of privacy of an individual in a cashless system.
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