Electronic money (or digital money) refers to cash and transactions using electronic means, encompassing the use of computer networks (such as the Internet) and digital stored value systems. Electronic Funds Transfer (EFT) is an example of electronic money. It is also a collective term for financial cryptography technologies enabling it.
While this has been an interesting problem for cryptography (see, for example, David Chaum's work), the use of digital cash so far has been relatively low. One rare success has been Hong Kong's Octopus card system, which started as a transit payment system and has grown into a widely used electronic cash system.
Electronic Money and currency
Technically, electronic money can be an independent currency, just like Euro before the legal tender of Euro was introduced in 2002. However, a service provider (except banks or governments) of electronic money lacks the abilities to back the money with commodities and to persuade people to have faith in their currency and make people use electronic money like central banks or governments do (see fiat money). More commonly the electronic money is used as a non-physical form of another currency.
In the case of Octopus Card in Hong Kong, deposits work similar to banks. After Octopus Card Limited receives money for deposit from users, the money is deposited into banks, which is similiar to debit-card issuing banks redepositing money at central banks.
Electronicmoney (also known as electroniccash, electronic currency, digital currency, digital money or digital cash) refers to money which is exchanged only electronically.
Ripple monetary system is a project to develop a distributed system of electronicmoney independent of local currency.
Systems of accounting such as Altruistic Economics are emerging that are entirely electronic, and can be more efficient and more realistic because they do not assume a zero-sum transaction model.
The present invention relates to a system that checks whether or not any errors are present in data signals that have been transferred serially from one electroniccash register to another cash register.
Conventionally, when data signals are transferred from one electroniccash register (hereinafter referred to as "ECR") to another ECR, the data-transmitting register of the transmitting ECR serially transfers data signals to the data-receiving register of the receiving ECR.
The system controller of the transmitting ECR then compares the data signals delivered to the receiving ECR with those which have been transferred back to the transmitting ECR from the receiving ECR to check whether or not there are any errors present.
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