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Seminar Report on Digital Cash

                                         DIGITAL CASH

Digital cash is a payment message bearing a digital signature which functions as a medium of exchange or store of value.
Essentially, digital cash mimics the functionality of paper cash. Paper currency and coins represent value because they are backed by a trusted third party, the government and the banking industry. Digital coins will also represent value because they are backed by a trusted third party, usually a bank that is willing to convert digital cash to physical cash.
Unlike real cash digital cash does not have physical existence (paper cash). But digital cash has value that makes possible digital cash exchangeable for paper cash.
Digital cash is a transfer protocol for some underling form of money such as real cash.
Minimal requirements for digital cash
Atomicity : Either a transaction occurs completely or it does not occur at all.
Consistency : All relevant parties must agree on critical facts of exchange. For example if I buy a good for 3 dollars than the merchant and I should both agree on the amount of purchase.
Isolation : Transactions should not interfere with each other. Each transaction should take place individually.
Durability : Even if my computer or the merchant’s computer crashes we should be able to recover to the last consistent state. For example money that was available to a computer before should not disappear when the machine reboots.

Properties of digital cash

about digital cash among Indian people

Secure : The transaction protocol ensures that a high-level security is maintained through sophisticated encryption techniques. Thus digital coins cannot be altered or reproduced.

Portable : The use of the digital cash is not dependent on any physical location. The cash can be transferred through computer networks and off the computer network into other storage devices.
Two-way : The digital cash can be transferred to other users. Essentially, peer-to-peer payments are possible.

Off-line capable : The protocol between the two exchanging parties is executed off-line, meaning that neither is required to be host-connected in order to process. Also the bank can come into picture at the later stage of transaction. Smart card had made it possible to carry out off-line digital cash transactions.

Wide acceptability : The digital cash is well-known and accepted in a large commercial zone. This feature implies recognition of and trust in the issuer which is normally a government authorized bank.
User-friendly : Digital cash is easy to use which means it is user-friendly providing large opportunities of instant transaction.
Transnationality : Digital cash can be transferred across a nation’s boundary to distant locations. Thus digital cash does not suffer the barrier of only transactions within a country.
There are two types of system for digital cash namely online and offline system.

Online digital cash system 
In this system, we have got three main components; the bank, customer and merchant, the user withdraw digital cash (digital coin) from the bank. The customer then pays the merchant by sending digital cash to the merchant site. Now since digital cash is represented in the form of computer files it can be send to multiple merchant sites by the same customer. This is called as double spending of digital cash. 
To tackle the double spending problem, the merchant has to verify the coin with the bank at the point of sale in each of the transaction, this verification of the legitimacy of the coin requires extra bandwidth and is a potential bottleneck of the system especially when the traffic is high. The real time verification also means there is a need for the synchronization between bank servers.
On-line payment means that trader contacts the bank and verifies the validity of customer’s token. On-line payment remains necessary for transactions that need a high value of security. On-line systems require communication with the bank during each payment, which costs more money and time (communication costs, database-maintenance costs
Digital cash offer wide variety of applications. Currently digital cash transaction method is been used in western countries like United States of America, England , Germany. Digital cash definitely offers an alternative for paper cash transactions but there is a need to spread awareness


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