For detractors, the e-commerce potential of Malaysia's MPC raises the sinister specter of fraud.
In the U.S., doubts were cast recently by a leading telecommunications company that encryption systems operated by smartcards were not tamper-proof. The cards could enable criminals to store "counterfeit" electronic money--the electronic equivalent to forging counterfeit banknotes.
The development of advanced encryption and security systems should therefore be high on the agenda of MPC developers.
Another question is that of privacy. Putting identity, medical history, creditworthiness and other intimate details on a single card allows access to data on an individual, which previously was stored on different databases.
Government, financial institutions and manufacturers all have an obligation to ensure that a cardholder's right to privacy is not violated. Such issues are set to color the development of Malaysia's
MPC over the coming years.
But by committing to the one supercard utopia, Malaysia has already taken the road of no return.
Only one thing is certain--the financial stakes are high.
If Malaysia bets on the wrong technology, it will pay the costly price of experimentation. If it backs the right technology, the MPC will open up not just a national market, but a global one.
Email us your comments.
|
