My friend krishnas blogger

http://www.kansa.blogspot.com/

My ideas on a perfect system

In western countries, there already exist concept of SSN. In a SSN office, if along with SSN number, a device is provided which makes the money completely in electronic form. A user logs on in this device with SSN number and password and transfer money directly to another person or company (based on Unique SSN identification) electronically. If such a system is in place, can we think about corruption. I feel the corruption is eliminated from grass root level. All the money transactions are routed thro ssn servers. So we have track of all the money transfer. So, its just not elimination of black money. Thinking still further, it even removes the criminals as criminals and terrorist group mostly lives on black money and as every transaction is recorded, it is easily traceable even if it happens. So I mean to say if the money is totally electronic, it eliminates all the financial related social evil from grass root level. If u accept to my idea. U may probably ask a question how to implement such a system from physical to all electronic. The govt should able to convince the public saying that this is the opportunity to publish all their black money and convert to electronic form and at same time collect tax for all those money. Criminals will not dare to do this, as they know they will be in soup. So this brings total transparency to the current system and also implement able using current technology. If in case there is a hacking of the electronic money, the govt should introduce emergency physical money. Some thing like, when the e-money gets hacked, there should be machines at different places which prints the money balance for each person and after that transaction is in physical form, to have just like a log where in for every transaction enter the FROM SSN ID, TO SSN ID where the transaction goes to, the type of transaction with the signature of both members. I even thought something further, if there is mugging or theft, its simple to give away the money at that time to the miscreants and just call the emergency and reverse such a transaction. Tax deduction can also be at source. In short making money in electronic form, tries to make the system perfect. The device should be like a mobile handset with updateable firmware from the govt and has a touch screen facility… In future such a device need not be just used for money transfer, but for many other purpose too.