Here at Smart Data Collective, we have talked about major changes that machine learning has created in the financial industry. While some changes have gotten a lot of publicity, others have been more subtle. The evolution of smart cards is one of the newest ways that machine learning and AI are impacting the future of finance.
The market for smart cards will be worth $21.57 billion within the next three years. Machine learning technology will improve on this technology, which may cause the market to grow even faster.
How Machine Learning is Changing the Future of Smart Cards
We all are aware of those magnetic stripe cards that we use on our daily basis. Whether it is the ATM transaction process or your grocery bill, they are very important in our everyday life. These magnetic cards are always helpful in these situations. Smart cards store all the necessary information into the card itself as compared to magnetic chip cards. You can enjoy many advantages of that stored information just with a swipe!
Below are mentioned some of the benefits of smart cards that will change your mind about them.
Unbelievable amount of information stored on a card
The amount of information that can be stored on a smart card is about 100 times more than that of magnetic chips. However, smart cards store information on the card itself as compared to the small chips on magnetic chip cards. Consequently, the rate of data processing is much faster than the microchip cards. Most importantly, the data stored on these cards are more secure.
Effective encryption
We are sure that while using a smartcard no one would have asked for face recognition, etc. Smart cards provide effective encryption. Smart cards found a way to provide versatile encryption benefits. The capabilities these cards possess are unbelievable. They can provide secure key storage and the option of digital signing. Most importantly the key signing originated through smart cards that further strengthens their credibility.
You can buy card readers for your smart card as well and we suggest you try, to Sumup air, card readers.
Better privacy with Biometrics
The government realized the need for Smart cards when privacy was concerned. Smart cards provide secure transactions and other processes with the biometric verification system. The smart card comes with the ability to carry out biometric systems.
You won’t deny that having your fingerprints stored on your smart card is better than having them stored in some random database of some kind of government institution.
Your assistant
Smart cards work as your device when you carry them with you. A cardholder is always associated with the cards. These holders can be modified according to your needs. These specialties work in favor of your privacy and can greatly enhance it. For example, at a hospital, all the health care prescriptions and related health care data can be stored on your card. It would be more convenient as compared to jotting it down on a sheet of paper.
Protected transmission
If we directly compare them with the traditional magnetic chip cards, Smart cards have proved to be more advance in all the departments. Smart cards are specialized to receive and store data in a secure way. It provides users with the ability to enjoy protected transmission between them and cards. Another security measure smart cards take is to react to possible dangers. Possible tampering attacks from the attackers can go in vain if you are using a smart card. Privacy in different systems can be enhanced with the biometrics stored on these cards.
Smart Cards Are the Latest Development in the Evolution of Machine Learning
Big data has disrupted the financial industry in countless ways. One of the biggest changes is the introduction of smart cards. Smart cards are reliable on new advances in machine learning and will change our lives in pivotal ways.