Creating a money-less world with CS

I

t’s been said that we’re approaching a world without paper money. And it could very well be true: cards are used for payment more than ever, and there are even services which let you pay with your cell phone.

The digitization of money is dangerous unless computer scientists and programmers create secure applications for everyone to use.

Right now there are laws which state that anyplace which makes any form of financial translations (read: anywhere that buys or sells anything) must accept physical cash. For every dollar you spend on a card, or online, there’s a piece of paper or a hunk of metal stored in a bank, whose owner changes. That’s the law.

Right now. Read about how digital money laws might evolve.

As we rely more and more on digital money, never even seeing the cash we’re spending, we’re facing a new kind of counterfeiting: digital fraud. Hackers are making millions scamming people, selling stolen credit card numbers, and making fake money. And it’s all done on a computer, on the internet.

The popularity of using credit cards for online payment has forced the US government to revisit money laws.

Does that sound secure?

Consider that even 50 years ago, a lot of people had their savings stashed in a box, in their home. That home was protected by the owners of that home, and a lot of people even had a household gun to defend against intruders. That’s pretty safe. What does a computer do to protect your money?

The answer is nothing. At least not by itself.

In order to protect everyone’s money, we need computer scientists smarter than the hackers, creating secure programs to transfer money and perform these transactions. And these digital security programmers can make some good money.

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