R. S. Dhanya, a Dentist in Kerala has developed a Digitalised High-Value Paper Currency technology. She recently got the U. S. patent for the same. Dr Dhanya developed this digitized currency to counter the counterfeiting of currency.
Dr Dhanya works as a faculty in the Department of Public Health Dentistry, PSM Dental college, Akkikavu, Thrissur, Kerala. This is the second patent for Dr Dhana. Her previous discovery of a technology called Collision Impact Reducer, which reduces the impacts of road accidents and saves lives, had got approval from the Government of India.
Digitalised High-Value Paper Currency (DHVPC) is a combination of paper currency and its data on an online portal. This online portal will be created by the central bank of each country. “The first registration of a digitalised high-value paper currency can only be done by the central bank. After this, the currency is ready for transactions. For each transaction, the data would be updated on the portal. Therefore it cannot be counterfeited,” says Dr Dhanya.
It is easy to track and monitor it as all the data is updated on the portal. And very high denominations such as Rs.10 Lakh can be possible through DHVPC and hence this is a cheaper and eco-friendly way for paper currency. The currency can be transacted through banks, ATMs, CDMs and Internet Banking. Using the same technology, low-value paper currency can also be digitalised.
Written by Poorna Krishnan