#ProblemStatement: How we can empower millions of Indians to avail digital banking services like using the facility of Micro ATM in a place with no network coverage?
Here is a solution provided by a #IDBRT:
1. Micro ATM will act as a sender node in this flow.
2. Micro ATM will be connected with Raspberry Pi (IoT Device with LoRa) (Bluetooth Medium)
3. Multiple LoRa transceivers placed distant apart (>1 Km) will carry those info and will be carried to end node (bank server) with the database containing user account details. Real-time transaction information (user mobile number, account number, and amount to withdraw) will be validated
4. Output response at Micro ATM may be of 3 types ie. a. Account doesn’t exist b. Amount withdrawn and the new balance is **** c. Not enough balance.
5. The data is encrypted using a 128-bit AES algorithm with a pre-shared key between sender and receiver (bank server).
Now what’s fascinating in this entire process?
>It is a specification that applies to battery-powered objects in a Low Power Wide Area Networks. This is a new protocol built from the ground up for battery-operated things that have a low data rate. Want to be amazed? A single nine-volt battery OR 6 AA batteries (1.5 V each) can power a LoRa sensor for up to 10 years, broadcasting its signal up to 10 miles. This is in contrast to wireless wide-area networks (typically used by large corporate organisations) that carry more data and use more power.
#LoRaWAN (Long Range WAN) based secured Micro-Transactions is indeed a breakthrough.
>
“We have created a new dedicated low cost financial network that can be used privately by banks to send encrypted texts to conduct financial transactions. We are the first in the world to develop this network based on LoRa (Long Range Radio) technology,’‘ D. Janakiram, Director, IDRBT
Please find the relevant links in the comment section.
Authors: D Janakiram | Dr. Susmita Mandal | Shri. Rajiv Ramachandran
#bank #technology #data #broadcasting #iot #idrbt #fintechnews #bankingtechnology #banktech #fintech #newideas #technology #technologydevelopment #lorawan #lora #banking #bankingindustry #fintechs #network #financial
Links:
ournal Link: https://www.idrbt.ac.in/editorial-lorawan/
CISCO Blog Link: https://blogs.cisco.com/government/get-10-years-from-9-volts-the-power-of-lorawan
BusinessLine: https://www.thehindubusinessline.com/money-and-banking/in-a-first-idrbt-develops-new-low-cost-financial-network-to-take-banking-to-remote-areas/article65909637.ece
CISCO Blog Link: https://blogs.cisco.com/government/get-10-years-from-9-volts-the-power-of-lorawan
BusinessLine: https://www.thehindubusinessline.com/money-and-banking/in-a-first-idrbt-develops-new-low-cost-financial-network-to-take-banking-to-remote-areas/article65909637.ece
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