DESIGN AND IMPLEMENTATION OF DIGITAL CASH TRANSACTION SYSTEM
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DESIGN AND IMPLEMENTATION OF DIGITAL CASH TRANSACTION SYSTEM
ABSTRACT OF DIGITAL CASH TRANSACTION SYSTEM DESIGN AND IMPLEMENTATION
This Digital Cash Transaction System is an old and enduring venture of transferring products and services. The reality that man cannot meet all of his own wants has prompted the necessity for trade.
Trading has progressed from its rudimentary beginnings to a more sophisticated and sophisticated form. Trade by barter is one of the most primitive forms of commerce.
To some extent, barter trading was regarded as a required solution to the problem of exchange; nonetheless, it had several shortcomings. The difficulty of mutual concurrence of desires, among other things, is a key setback to the system’s progress.
Nigerians, according to a rising generation of information technology (IT) poll, are driving the demand for e-payment systems, which are growing increasingly popular due to their convenience. However, the trend is towards offline digital cash (for example, ATMs, Master cards, and Visa International),
where cards (metal or plastic) are used for withdrawals on dedicated devices designed for the purpose. However, the online digital cash transaction system, which requires the use of computers with connection lines, is also on the rise.
1.1 INTRODUCTION TO THE DESIGN AND IMPLEMENTATION OF A DIGITAL CASH TRANSACTION SYSTEM
The act of exchanging products and services is a long-standing and successful venture. The reality that man cannot meet all of his own wants has prompted the need trade.
Trading has progressed from its rudimentary beginnings to a more sophisticated and sophisticated form. Trade by barter is one of the most primitive forms of commerce.
To some extent, barter trade was preferred as a required solution to the problem exchange; yet, it has several shortcomings. The difficulty of mutual concurrence of desires, among other things, is a key setback to the system’s progress.
The introduction of the paper currency system was a significant breakthrough in the system exchange (trade) since paper cash has specific features (homogeneity, portability, malleability), is supported by the government, and is a legal tender for exchange. The paper cash system did, in fact, add significantly to the ease with which trade is conducted.
However, breakthroughs in electronics, computers, and information technology, combined with the requirement to complete transactions at a rapid pace, prepared the way for the digital cash transaction system.
After paper money, the digital currency transaction system evolved. It entails the use of digital pin numbers to represent paper money, with transactions conducted on this basis.
More specifically, a digital cash transaction system is a payment or withdrawal message with a digital signature (pin code) that serves as a medium of exchange (trading).
Digital cash, in essence, mimics the functionality of paper cash. Paper money and coins have value because they are backed by a reliable third party, the government and the banking sector.
The value of a digital cash transaction system is also represented by the fact that it is supported by a third party, typically a bank, which is willing to convert digital cash to physical cash.
To some extent, the digital cash transaction system works as follows. A user establishes a bank account and receives a digital cash transaction card. He or she is also given a pin number for the card, which is kept confidential.
That is, the pin should not be revealed to anybody else. A cardholder can deposit funds into his or her account by visiting a bank.
The transaction can be used to withdraw money from a bank outside of the bank, purchase items from shopping malls or merchant sites, and check his/her account balance in any of these locations.
1.2 STATEMENT OF STUDY
Since its inception, money in all of its forms has been plagued by security issues. The digital cash transaction system, despite being a cutting-edge innovation in terms of money technology, is not immune to this quandary. Specific system security issues that must be addressed are as follows:
The extent to which the security issue may stymie the progress of the digital cash transaction system.
The necessity to ensure adequate security in digital cash transaction systems while avoiding unneeded or excessive hardware investment.
The degree to which effective software design may address the security issue in the digital transaction cash system.
1.3 PURPOSE OF THE STUDY
Since the establishment of the democratic process in Nigeria on May 27, 1999, there has been massive foreign investment in the economy.
The frequency with which financial transactions are carried out has greatly grown. Without a doubt, the widespread usage of paper currency is increasingly losing way to a new payment system, which is the digital cash transaction system.
Nigerians, according to a rising generation of information technology (IT) poll, are driving the demand for e-payment systems, which are growing increasingly popular due to their convenience.
However, the trend is towards offline digital cash (for example, ATMs, Master cards, and Visa International), where cards (metal or plastic) are used for withdrawals on dedicated devices designed for the purpose.
However, the online digital cash transaction system, which requires the use of computers with connection lines, is also on the rise.
However, due to the country’s increasing corruption, a lack of proper security has been a key hurdle in the establishment of the digital cash transaction system.
Given the current global trend, it is reasonable to conclude that the performance of the digital cash system would be a major predictor of economic growth in Nigeria.
The study is especially important in the Nigerian economy, where a lack of proper security has hampered the steady expansion of digital payments.
It aims to investigate potential software design characteristics as a foundation for protecting the digital cash system against criminal operations.
1.4 OBJECTIVES OF THE STUDY
The goal of this research is to investigate the impact of smart software design on the security of a typical digital cash transaction system.
As a result, the study aims to accomplish the following:
Incorporate an effective security architecture into the digital cash transaction system to prohibit any sorts of excess spending of available money 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.
Create a design that completely protects consumers’ anonymity while maintaining security in a digital currency transaction system.
1.5 THE STUDY’S OBJECTIVE
This project’s scope includes the online model of the digital cash transaction system. The software, computer systems, and connection or communication lines,
devices are all part of the online model of the digital cash transaction system. Software design 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 country’s commercial heartbeat and one of the few cities in the country where digital cash transaction systems can be widely used.
1.7 DEFINITION OF TERMS
The research topic includes the usage of a variety of terminology. However, the terms are used in the context of the following meanings.
CASH TRANSACTION SYSTEM IN DIGITAL
It is a digitally signed communication (pin codes) that serves as a medium of exchange or store of value.
SYSTEM
It is made up of a collection of pieces or parts that work together to achieve a specified goal (s).
SECURITY
It is the sum of all protocols, guidelines, routines, and so on put in place to prevent unauthorised access to an installation’s operations.
SOFTWARE
They are a collection of instructions or codes that operate hardware. It is also known as a virtual engine that drives the hardware.
DESIGN
It is a methodical technique or a carefully organised collection of operations to attain a goal.
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