September 4, 2015 No.8
https://www.facebook.com/mehtarahulc/posts/10153013659631922
Keeping records of fund transfers / land sales , and avoiding / compensating for frauds, using MINIMAL Govt staff.
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Say all 85 crore adult citizens have least 1 and upto 5 bank accounts , And say all 40 crore minors have 1-2 parent-operated bank accounts.
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Say almost all transactions above Rs 1000 are via paper cheques or using net , mobile or special fund transfer devices, Not by law, but by practice. For small transactions, method can be cheque / electronic or cash
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Say there are 20 cheque / electronic transactions per day per person.So we have about 250 crore transactions PER DAY.
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So what processes / steps should be used so that all paper / electronic cash transactions can be taken care WITHOUT frauds , and if frauds happen then victim is fully compensated, using MINIMAL staff.
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The condition of MINIMAL staff is important because as time goes, salary of govt employees, pension, medical costs and post retirement medical costs is becoming HUGE issue. And transaction business SHOULD NOT be handed to private companies. So my proposal is to run transaction business using Govt staff, and using minimal govt staff.
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My hunch is ---- if all paper / electronic transactions are kept open i.e. anyone can see any transactions, then staff-cost of conducting transactions as well as ensuring integrity and DRASTICALLY reduces !!!
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But may want to keep transaction information confidential.
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So may be , bank accounts should have option --- open or confidential. Confidential accounts should be high cost and non-confidential accounts will be low cost. If a person wants confidential transactions, then he will have to pay the higher costs.
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Please think more on this. And please outline full details of the process.
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Next, what processes / steps should be used so that non-cash i.e. electronic transactions can be taken care WITHOUT permanent centralized net connectivity !! This is important. Because credit card, net banking, atm etc require 24 hour connectivity with banks' servers or with credit card companies' servers. Such connectivity during war time is nearly impossible to maintain. And even otherwise, it is very expensive to maintain such 24 hour connectivity.
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Paper cheques are offline. But paper cheques bounce and so are not so reliable. The offline transaction system we propose should be immune to problem of bouncing as far as possible.
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IMO , it is possible to make a process / protocol where even if a bank server is available just 1 hour a day , 5 days a week then also transactions are possible on 24*7 basis !! This can be similar to "OPEN BIT COIN" i.e. a BitCoin type system. Here when a transaction happens between device of A and device of B, (say device-B pays Rs 100 to device-A) , it will boradcasted to several devices near A and B. And the broadcasts will go on till servers of A and B confirm the closure of transaction.at server level. So if server-A abd server-B are not online all the time, then also transaction between device-A and device-B can happen on 24*7 basis
.
This will further reduce staff cost needed to support money transactions
.
======
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A similar question is ---- say there is one land / flat buy/sale per person per year. So there will be 125 core flat / plot buy / sale per year. What process / protocol do we need so that staff cost to maintain records reliably reduces?
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Again, my hunch is that a system in which ALL ownership records are kept public will be cheaper to maintain than system where ownership records are confidential.
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So either we need to keep all land ownership records open. OR, we need two systems --- one system allows confidential land owning and another will keep land ownership records open. And if one wants to keep confidential land ownership, he will need to pay extra costs
https://www.facebook.com/mehtarahulc/posts/10153013659631922
Keeping records of fund transfers / land sales , and avoiding / compensating for frauds, using MINIMAL Govt staff.
.
===
.
Say all 85 crore adult citizens have least 1 and upto 5 bank accounts , And say all 40 crore minors have 1-2 parent-operated bank accounts.
.
Say almost all transactions above Rs 1000 are via paper cheques or using net , mobile or special fund transfer devices, Not by law, but by practice. For small transactions, method can be cheque / electronic or cash
.
Say there are 20 cheque / electronic transactions per day per person.So we have about 250 crore transactions PER DAY.
.
So what processes / steps should be used so that all paper / electronic cash transactions can be taken care WITHOUT frauds , and if frauds happen then victim is fully compensated, using MINIMAL staff.
.
The condition of MINIMAL staff is important because as time goes, salary of govt employees, pension, medical costs and post retirement medical costs is becoming HUGE issue. And transaction business SHOULD NOT be handed to private companies. So my proposal is to run transaction business using Govt staff, and using minimal govt staff.
.
My hunch is ---- if all paper / electronic transactions are kept open i.e. anyone can see any transactions, then staff-cost of conducting transactions as well as ensuring integrity and DRASTICALLY reduces !!!
.
But may want to keep transaction information confidential.
.
So may be , bank accounts should have option --- open or confidential. Confidential accounts should be high cost and non-confidential accounts will be low cost. If a person wants confidential transactions, then he will have to pay the higher costs.
.
Please think more on this. And please outline full details of the process.
.
Next, what processes / steps should be used so that non-cash i.e. electronic transactions can be taken care WITHOUT permanent centralized net connectivity !! This is important. Because credit card, net banking, atm etc require 24 hour connectivity with banks' servers or with credit card companies' servers. Such connectivity during war time is nearly impossible to maintain. And even otherwise, it is very expensive to maintain such 24 hour connectivity.
.
Paper cheques are offline. But paper cheques bounce and so are not so reliable. The offline transaction system we propose should be immune to problem of bouncing as far as possible.
.
IMO , it is possible to make a process / protocol where even if a bank server is available just 1 hour a day , 5 days a week then also transactions are possible on 24*7 basis !! This can be similar to "OPEN BIT COIN" i.e. a BitCoin type system. Here when a transaction happens between device of A and device of B, (say device-B pays Rs 100 to device-A) , it will boradcasted to several devices near A and B. And the broadcasts will go on till servers of A and B confirm the closure of transaction.at server level. So if server-A abd server-B are not online all the time, then also transaction between device-A and device-B can happen on 24*7 basis
.
This will further reduce staff cost needed to support money transactions
.
======
.
A similar question is ---- say there is one land / flat buy/sale per person per year. So there will be 125 core flat / plot buy / sale per year. What process / protocol do we need so that staff cost to maintain records reliably reduces?
.
Again, my hunch is that a system in which ALL ownership records are kept public will be cheaper to maintain than system where ownership records are confidential.
.
So either we need to keep all land ownership records open. OR, we need two systems --- one system allows confidential land owning and another will keep land ownership records open. And if one wants to keep confidential land ownership, he will need to pay extra costs
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