In this modern era, money is the most valuable thing in everyone’s life. This most valuable thing is not easy to track as money laundering is growing day by day. Use of black money is affecting the mankind in a negative way. Rich gets richer and poor get poorer. Nowadays, the only way to track money is known as bill tracking, commonly used to track currency notes with the help of serial number, commonly used by banks and other agencies.
Traceable money is the idea of placing RFID chips in all forms of currency. Radio Frequency Identification (RFID) is a form of technology in which data stored in RFID tags is captured by the readers through radio waves. RFID technology is currently being used in many sectors of different industries such as, inventory management, assets tracking, personnel tracking, controlling access to restricted areas, ID badging and supply chain management etc.
Low power RFID card or tag will be installed in all forms of currency. It can store up to 2KB of data, so it will be a cheap process for customizing currency with tracking technology. This technology can help us in many ways, especially in country like Pakistan we can track money through satellites. By this we can lower corruption and money laundering. Black money will become a myth for this world. Proper taxation can be implemented on people and economy of the country will get better.
Published in Daily Times, January 21st 2019.