Chapter 3 Redesigning Current Banknotes with Blockchain Infrastructure: A Model Proposal

Abstract

The aim of the model proposed is to introduce a new hybrid system that can be used with less effort and requiring very few modifications in the existing structures. The model combines the advantages of both digital currency and paper-based banknote system. It uses QR Coded banknotes, digital wallets and blockchain technology to ensure, confirm and enhance the ownership of the banknotes. This model is intended to be used at the macro level by governmental policies since the money system can only be regulated by them.