If my smartphone is secure enough to utilize the ATM, then why bother with paper? If the ATM trusts the smartphone enough to give it cash, then the store clerk can trust the same app to hold bearer tokens, rather than paper. There is a good chance the clerk and shopper both use BofA, so the store clerk can check to see if the smartphone contains valid spending digits without double spend.
Once you trust the device to handle cash, then you automatically trust it to avoid double spending. Old style credit cards worked that way, no call to the bank, just trust the shopper and clear the account with paper at some later date.
Paper is on its way out, but cash is still king. Here is the follow on:
For the first time in our nation's history, voters in 24 counties in W. Virginia will be able to vote using their mobile phones. While some are hailing the decision because it will make voting easier for members of the military deployed overseas, experts are warning of possible security breaches."After researching previously available options, the Secretary’s team identified that most electronic ballot delivery technology required access to a desktop computer, printer and scanner, all of which present significant barriers to overseas voters, especially those in combat zones or engaged in covert operations," the W. Virginia Secretary of State's office explained in a press release this week. The state is partnering with a Boston, Massachusetts-based company called Voatz, Inc.
If the banks trust the smartphone with cash then counties should trust the smartphone for voting. The smartphones, these days, are coming with biometrics. Passcode and fingerprint is all we need for security. The problem is the NSA, they want to peek at the smartphone keys. NSA will need to do a deal soon, they cannot be allowed to peek at voting.
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