DESIGN AND IMPLEMENTATION OF DIGITAL CASH TRANSACTION SYSTEM
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DESIGN AND IMPLEMENTATION OF DIGITAL CASH TRANSACTION SYSTEM
Chapter One: Designing and Implementing a Digital Cash Transaction System 1.1 Introduction
Exchanging goods and services is a long-standing tradition. Man’s inability to meet his own wants has prompted the need trade. Trading has progressed from its rudimentary origins to a more complex and sophisticated form.
Bartering is a primordial type of trading. The barter trade was regarded to some extent as a necessary solution to the problem exchange; yet, it has other shortcomings. The problem of reciprocal coincidence of wants among others is a significant barrier to the system’s development.
The introduction of the paper currency system was a significant step forward in system exchange (trade), as paper cash has specific features (homogeneity, portability, malleability), is supported by the government, and is legal tender for exchange. The paper cash system did, in fact, significantly improve the ease with which transaction is conducted.
The significant success in electronics, computers, and information technology, combined with the requirement to complete transactions quickly, cleared the way for the digital currency transaction system.
Following the evolution of paper money, a digital currency transaction system emerged. It entails the use of digital pin numbers to represent paper money, with transactions conducted on this basis.
More technically, a digital cash transaction system is a payment or withdrawal message that includes a digital signature (pin code) and serves as a medium of exchange (trade).
Essentially, digital cash has the same capabilities as paper cash. Paper currency and coins have value because they are backed by a trusted third party, namely the government and the banking industry.
The digital cash transaction system also has value since it is supported by a third party, typically a bank, who is willing to convert digital cash to physical cash.
To some extent, the digital cash transaction system operates in the following manner. A user establishes an account with a bank and is given a digital cash transaction card. He or she is also given a pin number for the card, which is kept confidential.
That is, no one else should know about the pin. A cardholder can make a deposit into his or her account by going to the bank. The transaction can be used to withdraw money from a bank, purchase items from shopping malls or merchant websites, and check his or her account balance in any of these locations.
1.2 Statement of Study
Money, in all of its forms, has faced security issues from its inception. The digital cash transaction system, despite being a cutting-edge innovation in money technology, is not immune to this challenge. Specific system security vulnerabilities that need to be addressed include:
The extent to which security concerns may hamper the expansion of the digital cash transaction system.
The necessity to ensure acceptable security in digital cash transaction systems without incurring superfluous or excessive hardware costs.
The extent to which effective software design may address the issue of security in digital transaction cash systems.
1.3 PURPOSE OF THE STUDY
Since the inception of the democratic process in Nigeria on May 27, 1999, there has been significant foreign investment in the economy. The rate of financial transactions has increased dramatically.
Without a doubt, the widespread usage of paper cash is increasingly giving way to a new payment method, namely digital cash transactions.
An new generation of information technology (IT) survey, Nigerians, are driving the demand for e-payment systems, which are becoming increasingly popular because to their convenience.
However, the growth trend is towards offline digital cash (examples: ATM, Mastercard, and Visa International), in which cards (metal or plastic) are used for withdrawals on dedicated machines designed for the purpose. However, the online digital cash transaction system, which uses computers with connection lines, is also growing in popularity.
However, due to the country’s rising corruption rate, a lack of proper security has hampered the growth of the digital currency transaction system. Given the current global trend, it is reasonable to conclude that the performance of Nigeria’s digital cash system will be a significant predictor of economic growth.
The study is especially important in the Nigerian economy, where a lack of proper security has hampered the steady rise of digital cash in circulation. It intends to investigate potential software design elements as a foundation for protecting the digital cash system against unauthorised activities.
1.4 Objectives of the Study
The goal of this research is to objectively evaluate the influence of smart software design on the security of a typical digital cash transaction system.
The study aims to achieve the following:
Incorporate an effective security architecture into the digital cash transaction system to prohibit any sort of excess spending of available funds in the owner’s account, such as spending more than you have or withdrawing more than you have.
Create a database design that allows for quick synchronisation during account verification, which is required.
Create a design that completely protects consumers’ anonymity without compromising security in a digital cash transaction system.
1.5 Scope of the Study
The scope of this project includes the online version of the digital currency transaction system. The online model of the digital cash transaction system consists of software, computer systems, and connection or communication lines, devices. The design of software will be used to ensure acceptable security in the digital cash transaction system.
1.6 Limitations of the Study
This study is limited to cities where commercialization occurs, such as Lagos, which is the commercial heartbeat of the country and one of the only cities in the country where a digital cash transaction system may be widely used.
1.7 Definition of Terms
The research topic includes the use of various terminologies. However, the terms are used in light of the definitions provided below.
Digital Cash Transaction System
It is a message with a digital signature (pin codes) that serves as a means of exchange or a store of value.
SYSTEM
It is made up of a collection of pieces or parts that work together to achieve a specific goal.
SECURITY
It refers to all protocols, guidelines, routines, and other measures put in place to prevent unauthorised access to an installation’s operations.
SOFTWARE
They are a series of instructions or codes that operate the hardware. It can also be described as a virtual engine that powers the hardware.
DESIGN
It is a systematic method or a carefully designed set of procedures for achieving a goal.
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