A Digitalised High-Value Paper Currency technology developed by R.S. Dhanya, a Chavakkad-based dentist, has received U.S. patent approval. The digitalised currency was developed by Dr. Dhanya to counter counterfeiting of currency.
Frequent reports about counterfeit currency and her own experience with a fake currency prompted the dentist to develop the technology.
Digitalised High-Value Paper Currency (DHVPC) is a combination of paper currency and its data on an online portal created by the Central Bank of each country, explains Dr. Dhanya.
By Central Bank
“The first registration of a digitalized 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 will be updated on the portal. Therefore, it cannot be counterfeited.”
It is easy to identify the holder of the DHVPC at any time. Therefore, in case of theft, loss, or fire damage, the owner will receive its full value. The currency cannot be used by a third party. It is easy to track and monitor it as all the data is updated on the portal.
“Since high denominations such as ₹10 lakh are possible, the cost of printing the currency is very less and hence it is eco-friendly,” says Dr. Dhanya.
The currency can be transacted through banks, ATMs, CDMs and Internet banking. Using the same technology, low value paper currency can also be digitalised, she said.
This is the second patent recognition of Dr. Dhanya, a public health dentist working as a faculty in the Department of Public Health Dentistry, PSM Dental College, Akkikavu, Thrissur.
The Government of India has approved a patent for a technology called Collision Impact Reducer, which reduces the impact of road accidents and saves lives.
Dr. Dhanya is the daughter of Ramachandran Kalarikkal, a pediatrician, and Surya Ramachandran, gynaecologist, in Chavakkad, Thrissur.