1. What is meant by biometric authorization? Give some examples. 2. Why might a central bank...

1. What is meant by biometric authorization? Give some examples.

2. Why might a central bank switch from fiat money to digital money?

All assignments must include at least one full page in APA format with at least two outside references.

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Expert Solution

1. Biometric Authorization.

A biometric authorization system provides permission-based access based on biometric traits. The system is made up of two parts – a] Authorization – where the system verifies the person is allowed access into the system, and b] Access Control – where the system determines the level of access that person is granted.

Examples

Fingerprints Scanning,

Facial Recognition,

IRIS,

Palmprint,

Retina,

hand geometry,

voice,

signature and gait.

2. Why might a central bank switch from fiat money to digital money?

Fiat Money

Fiat money is money issued by a government to be legal tender and is not backed by gold or other physical commodities. The value of fiat money is based on the strength and credit of the issuing body, and almost every country today issues fiat currency.

Digital Money.

Digital fiat money exists in every bank transaction or credit card purchase today, this money is still tied to physical fiat currency and thus controlled by governments.

The idea of a central bank digital currency (CBDC) has been under consideration by central banks across the globe ever since cryptocurrencies such as Bitcoin started gaining popularity.

Cryptocurrencies are defying the age-old monopoly of central banks on issuing currency. Threatened with the prospect of digital tokens replacing fiat currency, central banks are now exploring the idea of a central bank-issued digital currency. Put it simply, a CBDC is a digital currency that is backed or guaranteed by a reserve bank that can be used as a means of payment settlement and unit of account.

jeff jeffy answered 2 years ago

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