Friday, March 20, 2015

Securing Smart Cards is not a problem

With Crypto currency, everyone wonders about security.  Use the smart card, and secure it with the face.

Use the person's face.

Just secure the smart cart by putting the owners photo right o the card, like a drivers license.  The store terminal can pull up the face and display it, so there are three faces right in front, one the car, one the person and in the terminal.

How much space is needed to store a good face likeness in memory?

How about 100 features, each feature chosen from 256 possibilities, that come to 800 bytes and makes makes a very good likeness.  A 2 Gbyte flash is about $10, and that is 2,000 million bytes, enough to store faces for 2 million people. The store owner can keep as many faces as he likes in his local terminal, each face tied to the card number and card issuer. It would be a severe pain in the ass to try and counterfeit the system.

Once the smart cars is issued, the merchant need not really contact the central bank for clearance of money since the smart cart can hold cash as well as a wallet.

So it is perfectly reasonable to have as many  types of currency floating around, storable in the smart card without any real fear of counterfeiters.
  • Face on card.
  • Face on person.
  • Face in the local merchant terminal. 
If you are a merchant.

Find a mathematician and get banker bot up and running, then issue your own currency.  These cards are coming late this year or early next. Merchants will have very fine tuned control over inventory, volatility is likely to drop by 50%, at least.  Your money is crypto discount coupons, issued in your own name. Whether it is frequent flyer miles, energy savings credits, rental car discounts, or Wal Mart money, get ready to make it cruypto. The Silicon Valley techies will make it as painless are can be..

If you make point of sale equipment.

Having a bit of trouble with face compression and face feature technology? Hire a mathematicians, they have this down cold.

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