Monday, August 24, 2020

Then what is a Swift digital transaction again?

 The Walmart clerks and customer are both certified Swift nodes, accountable to a correspondent bank. Both cards will agree to a one way transaction, signified by a contracted digital receipt.

Whether they deposit to a correspondent account at night or weekly is usually OK, with these cards.  The point is, the separation between digicash and the Swift protocol is gone, we all become banks of a sort. These cards allow that with the one way analog code generator.  A huge simplification happens, a huge productivity improvement.

 A Walmart clerk want codes that limit counterfeit to 3$, and it has already done better than shop lifting. So the range of the analog key, its resolution, limited for low risk counterfeit. This makes it highly configurable.  

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