High-value digitized paper money technology developed by Chavakkad-based dentist RS Dhanya has received US patent approval. Digitized currency was developed by Dr. Dhanya to combat counterfeit currency.
Frequent reports of counterfeit money and her own experience with counterfeit money prompted the dentist to develop the technology.
High Value Digital Paper Currency (DHVPC) is a combination of paper money and its data on an online portal created by each country’s central bank, says Dr. Dhanya.
By Central Bank
“The first registration of a digitized high-value paper currency can only be made by the Central Bank. After that, the currency is ready for transactions. For each transaction, the data will be updated on the portal. By 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, the owner will receive its full value. The currency cannot be used by a third party. It is easy to track and monitor as all 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 environmentally friendly,” says Dr. Dhanya.
Currency can be exchanged through banks, ATMs, CDMs, and internet banking. Using the same technology, low-value paper money can also be digitized, she said.
This is the second patent recognition of Dr. Dhanya, a public health dentist working as a professor in the Department of Public Health Dentistry, PSM Dental College, Akkikavu, Thrissur.
The Indian government 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, Pediatrician, and Surya Ramachandran, Gynecologist, in Chavakkad, Thrissur.