DESIGN AND IMPLEMENTATION OF DIGITAL CASH TRANSACTION SYSTEM

DESIGN AND IMPLEMENTATION OF DIGITAL CASH TRANSACTION SYSTEM

ABSTRACT

This Digital Cash Transaction System is the act of exchanging goods and services is an old and enduring venture. The fact that man cannot satisfy his own needs all by himself has necessitated the need to trade. Trading has evolved from its primitive stages to a more advanced and sophisticated form. One of the primitive forms of trade is the trade by barter. The trade by barter preferred to some extent the necessary solution to the problem of exchange; it however, has so many inadequacies attached. The problem of mutual coincidence of wants among others is a major setback to the development of the system. An emerging generation of information technology (IT) survey, Nigerian are driving the for e-payment system which is becoming increasingly popular because of its convenience. Though, the growth trend is towards the offline digital cash (examples ATM, Master card, and Visa International) where cards (metal or plastic) are used for withdrawals on special machines made for the purpose. The online digital cash transaction system which involves the use of computers with connection lines is however on the increase as well.

CHAPTER ONE

1.1       INTRODUCTION

The act of exchanging goods and services is an old and enduring venture. The fact that man cannot satisfy his own needs all by himself has necessitated the need trade. Trading has evolved from its primitive stages to a more advanced and sophisticated form. One of the primitive forms of trade is the trade by barter. The trade by barter preferred to some extent the necessary solution to the problem exchange; it however, has so many inadequacies attached. The problem of mutual coincidence of wants among others is a major setback to the development of the system.

The advent of the paper cash system was a major breakthrough in the system exchange (trade) as paper cash possesses certain properties (homogeneity, portability malleability), is backed by the government and the central bank is a  legal tender for exchange. The paper cash system indeed contributed enormously to the ease with which trade is being carried out. The landmark achievement however in the areas of electronics, computers and information technology coupled with the need to carryout transactions at a very fast rate has paved the way for the digital cash transaction system. The digital cash transaction system evolved after the paper cash. It involves the use of digital pin codes to represent paper cash with transactions carried out on this basis. More technically, digital cash transaction system is a payment or withdrawal message bearing a digital signature (pin code) and function are medium of exchange (trading). Essentially, digital cash mimics the functionality of paper cash. Paper currency and coins represent value because they are backed by a trusted third party, the government and the banking sector. Digital cash transaction system also represents value because it is backed by a third party usually a bank that is willing to convert digital cash to physical cash. To a degree, the digital cash transaction system operates in the following manner. A user opens an account in a bank and is being given the digital cash transaction card. He or she is also given his or her pin code for the card that is confidential to that person. That is the pin should not be known to another person. The owner of a card can deposit money into his or her account by going to the bank. The transaction can be used to withdraw money outside to the bank, buy things from shopping malls or merchant sites and can also check his/her account balance in any of these places.

1.2       STATEMENT OF STUDY

Money in all its various forms since its invention has always been faced with security problems. The digital cash transaction system though a cutting edge innovation as far as technology of money is concerned is not spared of this dilemma. Specific issues relating to the security of the system that needs to be addressed are;

1. The extent to which the problem of security may impede the growth of the digital cash transaction system.
2. The need to ensure adequate security in digital cash transaction system without unnecessary or excess expenditure on hardware.
3. The extent to which effective software design can tackle the problem of security in the digital transaction cash system.

DESIGN AND IMPLEMENTATION OF DIGITAL CASH TRANSACTION SYSTEM

Chapters: 1 - 5
Delivery: Email

Number of Pages: 65

Price: 3000 NGN

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