Design and Implementation of a Digital Cash Transaction System
Chapter One
OBJECTIVES OF STUDY
The purpose of which this project is undertaken is to critically examine the impact of good software design on the security of a typical digital cash transaction system.
The study is therefore intended to achieve the following:
- Incorporate an effective security design into digital cash transaction system to prevent all forms of excess spending of available money in owner’s account i.e. spending above what you have in your account or withdrawing what you have in your account.
- Develop a database design that aids fast synchronization during verification of account which is necessary.
- Evolve a design that totally ensures customers anonymity without compromising security in digital cash transaction system.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
INTRODUCTION
Miller (2002) has observed a pressing issue regarding the technology involved in digital cash transaction system. Power failure, loss of records and software design often cause a major setback in promoting the technology.
This observation has also revealed the impact of software on the dependability of the digital cash system. In essence, ensuring adequate security in the system could depend enormously on the software design (though not undermining the role of hardware). Hence, the design of the software plays an important role in the security and growth of the system.
Mandane Jahanian Farsi (1997) took a close look of the forgery in the digital cash transaction system and has helped in identifying two major types.
- Card forgery: to make or create a valid looking transaction card in making corresponding transaction like withdrawal.
- Excess spending: Using more than you have in your account, either by withdrawing more than what you have in your account or buying more than you have in your account balance.
- To protect however against the above, the bank maintains a database of spent cash and cash remaining in the account of the owner (also database) and any expenditure above are rejected.
Also, David Chuan (1999) under studied the issue of privacy in digital cash transaction system. Just as cash is anonymous, digital cash transaction system is anonymous in that it cannot be traced back to a particular user. Anonymity increases the danger with money laundering, illegal purchasing, tacking that are far more serious than with proper cash. Anonymity would increase the danger of these problems. More anonymity means less security and vice versa.
In this project, the system is designed to balance adequately between the issue of customer anonymity and security of the digital cash transaction system.
Davies (2004) has made various submissions on how to improve on digital cash transaction system security through software design. These include better database, access, improved identify checks etc. and these are considered in this study
ONLINE DIGITAL CASH TRANSACTION SYSTEM
The structure of this online digital cash transaction system is indeed very similar to the one, which is being used in the existing paper cash system. In the online digital cash transaction system, there are three main components; the bank, the customer and the merchants. The user can withdraw or shop directly on line from the merchant and the money is deduced from his/her account.
The user in (pin code) in this online digital cash transaction is fully anonymous and it is done by using a protocol. It is good to hide the user’s ID (pin codes) but this raises the problem of lacking since the digital cash transaction system is representation of a user’s wallet.
OFFLINE DIGITAL CASH TRANSACTION SYSTEM
In the offline scheme, the withdrawal and shopping are very similar to the one in the online scheme. The main difference is in the transaction part model. Instead of verifying cash during every transaction, the security is guaranteed without direct involvement of the bank. This is achieved by adding a temper resistance device at the point of sale known as a smart card reader. The device is trusted by the bank and is used to verify the authenticity of the card. This device makes the whole transaction offline.
CHAPTER THREE
SYSTEM ANALYSIS AND DESIGN
INTRODUCTION
Today great reliance is placed upon computer for all kinds of application, including banking, insurance, public and private administration, and national defence and so on. The cost of programming has risen because the shortage of skilled personnel as required for programming have pushed up labour cost, whereas the cost of hardware have fallen because of technical innovation and increased automation.
In system development life cycle, theories and practice of system development have identified the following stages in the process.
PRELIMINARY SURVEY/STUDY
The purpose of this survey is to establish whether there is need for a new system and if so to specify the objectives.
FEASIBILITY STUDY
The purpose of the feasibility study is to investigate the project in sufficient depth to be able to provide information that justifies the development of the new system or shows why the project should not continue.
CHAPTER FOUR
SYSTEM IMPLEMENTATION
INTRODUCTION
The system implementation and documentation is the phase of system development that constitutes a proof to the making of the new system. Planning the implementation of a system begins in the detailed design stage.
This phase of the project will involve installation and testing of a thoroughly structured program to make sure that the result of the new system are the anticipated ones. Most system failures due to inadequate conduct of the implementation phase.
This phase is very important because the success of the project depends on it.
CHAPTER FIVE
SUMMARY, RECOMMENDATION AND CONCLUSION
SUMMARY
This project has been tested and documented with due consideration being given to flexibility and ease of accessibility. The following include those things that have been achieved by this project.
1) Adequate security measures have been put in place to ensure correct identification.
2) An interface design that ensures effective categorization of different windows.
3) Three on-line shopping interface for various transactions have been include to demonstrate how transaction is carried out with Digital cash system.
4) Total payment of transaction is reflected on the customer’s account to help keep track of payment.
5) A program design the prevents user from spending the same money twice.
RECOMMENDATION
The concept of the On-line Digital Cash Transaction System is a new innovation and there is still a lot that could be done to improve its effectiveness. Having considered the concept of the online Digital cash system, the following recommendation are hereby suggested
1) The online or real time implementation of this project should form the basis for future work, as the present implementation constitutes a stand-alone application program.
2) The implementation of a multi user version of this project is also recommended.
3) The online transaction interface design implementation in this project makes it a veritable tool for online payment in supermarket, mini market, merchant shop etc.
4) The design of the various interfaces and its implementation in this project makes it an available tool for use in Commercial Banks, Merchant Banks, and Development Banks etc. including other financial institutions.
CONCLUSION
The computer system has been proven to be very advantageous to every field or profession in the society due to its ability to solve various user problems with great speed and accuracy. Its usefulness cannot be overemphasized especially in the transfer of payments.
It is especially interesting to know that transactions could be carried out in the comfort of the living room. The online Digital Cash Transaction System makes life easy for the user, it removes stress and it is very interesting to use.
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