The whole finance of the world revolves around currency. It may be physical or digital. Currency functions as a unit of account providing a common measure of goods and services being exchanged. The enormous use of paper currency has resulted in deforestation, which is leading to ecological imbalance. For conserving the space, time, and environment there is a need for an alternative currency. In this paper, ubiquitous virtual money is proposed, which is accessible throughout the environment. Ubiquitous currency is a form of electronic money that is spent like pocket change. The transactions can be made secure by the use of biometric identifiers. Keywords—ubiquitous, virtual money, banking, smart money, trackable money. I. INTRODUCTION Money is any physical or virtual object that is exchanged for goods and services. It has a store of value. It functions as a unit of account providing a common measure of goods and services being exchanged. In earlier ages, the exchange of commodity was practiced as barter system. Barter system was generally practiced between complete strangers or potential enemies. It is still used as a method of exchange in times of monetary crisis. Later physical tokens such as gold and silver were used as money. Fiat money was introduced during Yuan and Ming dynasty in China. Money that derives its value from government regulations is Fiat money. Banknotes and coins are used as currency which comprises the physical aspects of nation's money supply. With the advent of commercial banks, demand deposits were introduced as claims against financial institutions. Demand deposit withdrawal can be done in person through banks, checks, drafts, ATMS's or through online banking. Over the years due to increase in population and difference between currency value of various countries, the number of banknotes and coins has immensely increased. Currently over 165,000,000 banknotes and coins are in usage all over the world. For production and printing of banknotes, enormous numbers of trees are being cut down. To maintain the ecological balance we need to find an alternative currency. The world is growing very fast, and everything is moving towards digital from small mobile phone to a complex system such as atomic clocks. For conserving the space, time, and environment, we are proposing a new form of currency named as ubiquitous virtual currency that is not physical and is stored in the cloud. In the present scenario, currency is limited in terms of its reach in monitoring and tracking(1). This limitation could be eliminated with the advent of ubiquitous currency. Ubiquitous currency is a form of electronic money that is spendable like pocket change. Our proposed ubiquitous currency will evolve from existing technology. The term ubiquitous computing was coined by Mark Weiser in 1991. Weiser defined ubiquitous computing as the method of enhancing computer use by making many computers available throughout the environment making them effectively invisible. So, we propose a mechanism which makes efficient usage of money by making accessible throughout the environment and hence making it invisible. If we can store, forward and manipulate information similar thing can be done with the money. Now combine this power of money with the fast growing internet. So there is no hindrance in using the concept of ubiquitous money practically. II. ORGANIZATIONAL STRUCTURE Our whole proposed system is user centric, and it follows iHCI. On the whole top of the system, there will be centralized financial authority which manages all the states. This group consists of representative from each state. The financial system of every state will be controlled and managed by government authority of that country. The government will identify financial institutions like banks which handles all the transaction of public of that country.
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Feb 1, 2015
Moazzam Farooq + 1
Open Access
