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NetCash
is an electronic form of currency that provides anonymous
digital payments over an unsecure network. NetCash uses the NetCheque system;both were developed at the Information Sciences Institute at the University of Southern California.
NetCash financial transactions are not traceable to the consumer. The product is a check payment system using NetCash's server that converts electronic currency
into debits against and credits to, customer and merchant accounts.
NetCheque Works very much like a conventional paper check and bears the electronic equivalent of a signature. The NetCheque needs to be endorsed by the person being paid using an electronic signature--a code group that authenticates the check as coming from the owner of the account. NetCheque software incorporates Kerberos security software developed at MIT and is free for personal or non-commercial use. Signed and properly endorsed checks are then electronically transmitted between financial institutions through electronic clearing houses.
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