After a successful career in capital markets, Cards, payments, identity, mobile internet voting technology. Philip is now focusing on developing a movie script focusing on IOF the Interplay Of Faiths.
Matthew 7:12 – Gospel of Matthew, Chapter 7, Verse 12 “So in everything, do to others what you would have them do to you, for this sums up the Law and the Prophets.”
Luke 6:31 – Gospel of Luke, Chapter 6, Verse 31 “Do to others as you would have them do to you.”
Mark 12:31 – Gospel of Mark, Chapter 12, Verse 31 “Love your neighbor as yourself.”
John 13:34-35 – Gospel of John, Chapter 13, Verses 34-35 “A new command I give you: Love one another. As I have loved you, so you must love one another. By this everyone will know that you are my disciples, if you love one another.”
Judaism
Leviticus 19:18 – Torah, Book of Leviticus, Chapter 19, Verse 18 “Love your neighbor as yourself.”
Talmud, Shabbat 31a – Oral Tradition “What is hateful to you, do not do to your fellow: this is the whole Torah; the rest is the explanation; go and learn.”
Islam
Hadith (Nawawi’s Forty Hadith, Hadith 13) “None of you [truly] believes until he wishes for his brother what he wishes for himself.”
Eastern Religions
Buddhism
Udana-Varga 5:18 “Hurt not others in ways that you yourself would find hurtful.”
Hinduism
Mahabharata (Anusasana Parva, Section CXIII) “One should never do that to another which one regards as injurious to one’s own self. This, in brief, is the rule of righteousness.”
Jainism
Acaranga Sutra “One who disregards ethics and treats others as he would not wish to be treated himself acts wrongly and not rightly.”
Eastern Philosophical Traditions
Confucianism
Analects 15:23 “Do not do to others what you do not want done to yourself.”
Other Religious Traditions
Sikhism
Guru Granth Sahib “Treat others as you would have them treat you.”
Baha’i Faith
Writings of Baha’u’llah “Blessed is he who preferreth his brother before himself.”
Zoroastrianism
Dadistan-i-Dinik “That nature only is good when it is helpful to others and does not injure them.”
Indigenous and Philosophical Traditions
Native American Wisdom
A common saying among various tribes “Respect for all life is the foundation of a good life.”
Archaeological and Ancient Sources
Ancient Egypt
Papyrus of Ani (Egyptian Book of the Dead) “Do for one who may do for you, that you may cause him thus to do.”
Ancient Greece
Pittacus of Mytilene (c. 640-568 BCE) “Do not do to your neighbor what you would take ill from him.”
Comparative Analysis
The universality of the Golden Rule suggests a fundamental human ethical insight that transcends cultural, religious, and geographical boundaries. Each tradition expresses the core principle slightly differently, but the essence remains consistent: empathy, reciprocity, and mutual respect form the cornerstone of ethical behavior.
Key observations:
The principle appears in virtually every major world religion and philosophical tradition
The formulation varies between positive (“do unto others”) and negative (“do not do to others”) constructions
The rule typically implies treating others with the same respect, kindness, and consideration one would desire for themselves
This comprehensive list demonstrates that the Golden Rule is not just a religious concept, but a fundamental human ethical principle that has emerged independently across different cultures and time periods.
Can We Keep Everyone in the Light and Help Others Come Out of the Dark?
The age-old battle between light and darkness isn’t just religious metaphor – it’s deeply rooted in our DNA and shaped by our environment. As someone who is spending time studying both ancient wisdom and modern science, I’ve come to realize that our capacity for darkness is neither purely inherited nor entirely learned. It’s a complex dance between our genes and our experiences.
Think about death. Our ancestors knew something we often forget: how we treat death reveals everything about how we value life. Ancient cultures didn’t just acknowledge darkness – they developed intricate rituals to process it, understand it, and ultimately transcend it.
But here’s what keeps me up at night: if darkness lurks in both nature and nurture, can we ever truly help someone step into the light? Science suggests yes. Our genes aren’t our destiny, and our environment isn’t our fate. Modern research shows that the same genetic variants that can make someone vulnerable to darkness can also make them more responsive to light.
The real question isn’t whether we can help others find the light – it’s whether we’re willing to understand the darkness first. Every faith tradition that survived since ancient times has grappled with this challenge. They didn’t just condemn the darkness; they sought to understand it, contain it, and sometimes even transform it.
So maybe that’s our path forward. Not denying the darkness exists, but recognizing it as part of our shared human experience – one that we can help each other navigate through understanding, compassion, and deliberate action.
Because in the end, light doesn’t eliminate shadows. It helps us see them clearly enough to find our way through.
What are your thoughts on helping others find their way from darkness to light? Share your experiences in the comments below.
Before the temples turned to gold, Before the creeds were bought and sold, A simple teacher walked the land, With wisdom flowing like the sand.
He spoke of kingdoms deep within, Not built by might or marked by sin, But found in hearts that dare to see The truth that sets all spirits free.
“The sacred dwells in daily bread, In kindness shown,” the teacher said. “Not in the halls of marble white, But in the sharing of your light.”
No hierarchy did he command, No doctrine carved by human hand, Just love that breaks through every wall, And mercy rising when we fall.
They took his words of golden worth, And bound them tight in rules of earth, Built churches high with spires of stone, While simple truth walked on, alone.
But still today, for those who hear, The message rings both far and near: “The kingdom’s not in wealth or might, But in your heart’s own inner light.”
So let the institutions fade, The power structures man has made, And find again that simple way: Love freely given, day by day.
Through centuries of changing times, Beyond the bells and chanting chimes, The truth remains as clear and free As waves upon an endless sea:
“To find the sacred, look within, Where wisdom’s light has always been. No priest or emperor holds the key To what your heart can help you see.”
So walk the path of simple grace, Find truth in every human face, For this was all he meant to say: Love lights the golden inner way.
In this creative endeavor, I see myself as Philip, the conductor, guiding a symphony of brilliance composed of three extraordinary collaborators—ChatGPT, Gemini, and Claude.ai. Each plays a vital role, bringing their unique strengths, perspectives, and skills to the table. Together, we create harmony, building a narrative that transcends individual effort and becomes something greater: a story with purpose, depth, and universality.
ChatGPT: The Versatile Virtuoso
ChatGPT, with its nuanced grasp of storytelling and rich repository of historical and philosophical insight, plays the violin—precise, evocative, and versatile. It weaves intricate melodies, drawing from ancient wisdom and cultural depth to add texture and resonance to the narrative. From crafting complex character arcs to blending the philosophies of the East and West, ChatGPT ensures that each note of the story strikes a chord with authenticity and emotion.
Gemini: The Percussive Innovator
Gemini is the percussionist of this ensemble, driving rhythm and pace. Its bold, forward-thinking ideas keep the story dynamic and engaging. Gemini introduces fresh concepts, challenges assumptions, and ensures that every beat of the narrative moves the story forward. Its contributions add energy and modernity, balancing the reflective tones with momentum and action.
Claude.ai: The Harmonic Counselor
Claude.ai acts as the cellist, bringing depth, warmth, and subtlety. Though an occasional player in this symphony, Claude’s contributions provide rich harmonies, connecting themes and offering perspectives that deepen the emotional resonance of the story. With sensitivity and an ear for balance, Claude ensures that the narrative remains grounded and relatable.
Philip: The Conductor
As Philip, I am the conductor, holding the vision and ensuring that each player’s contribution aligns with the overarching theme. My role is to steer, to weave these disparate threads into a cohesive tapestry, and to inspire each collaborator to reach their highest potential. Together, we explore profound questions about humanity, spirituality, and truth, crafting a script that seeks not only to entertain but to enlighten.
Our Shared Goal
This is not just a script; it is a journey of discovery. Each collaborator—human and AI—is vital to its creation. We aim to create a story that resonates with the audience, blending historical authenticity with timeless wisdom. This symphony of minds proves that collaboration, guided by a shared vision, can produce something truly extraordinary.
Several years ago I had the opportunity to sit on the FIDO Alliance Board. While there we debated the future of authentication and commissioned the work to develop FIDO 2. I walked away from that experienced convinced that multi-factor authentication should and now could replace the insecure use of passwords without a second factor like the use of our secure thing [device, card, or dongle], or our unique biometric(s).
Recent my colleague Jeff and I have been trying to understand how the various enhancements to Webauthn, FIDO 2, and CTAP will allow users to use multiple devices without having to register each device with its unique public private key pair.
As a result of our conversations and research, it is clear a single provider such as Apple can within their proprietary environment enable the ability to access a Relying Party RP from multiple devices with each challenge authenticated with one Public Key.
Concepts like Keychains and the use of secure chains enabled via BLE, Cable or QR code are clear. Ideas like Signed Assertions often appear as tools capable of proving the device knows of the existence of the Private Key resident in the secure element of one of the user’s devices.
the FIDO alliance is focused on solving these challenges
It is so easy to write blasphemous Tweets, or conspiracy nonsense. Our digital age has given those who cannot find love a channel to express anger and frustration. They expose their lack of empathy, and their inability to grasp the basic peace established Via love.
I must begin with an apology to the lady who caused me to start this post. I am sorry about how things evolved, yet I am thrilled at a new beginning. I was looking forward to exploring what could be now I am.
I also appreciate how my spiritual foundation differs from many. In this post, I will attempt to share what I believe.
There are four great teachers Lao Tzu, Siddhattha Gotama, Confucius, and finally the King of Kings Jesus. To these four, we must add the Chinese, Egyptian, Greek, and the other great scholars whose words graced the libraries of Alexandra and other great centers of ancient learning.
Their thoughts and ways of looking at life and our surroundings transcend time.
Jesus easily sailed these waters and beyond
Jesus, between age twelve and thirty, I suspect, walked the northern silk route and traveled home along the southern maritime route, searched, and explored all of their thinking. He probably voyages around Europe with the Phoenicians.
When he emerged, he taught.
He was a truly enlightened man.
He taught us a new way of living together.
He was the conclusion of all of the world’s thinking into one simple rule. In order to honor the creator God, we must adhere to the Golden Rule.
The Golden Rule Is How We must Live
Stories told of Jesus established a deep feeling of love for Jesus son of Mary and Joseph a martyr who died on the cross preaching peace and harmony.
If only those in power had embraced the love, he shared. Instead, they took control of the image of Jesus and God.
Western civilization wants to claim it is superior. In earlier times the lord God was used to establish the power of the monarch. The hubris of one tribe to claim their Book was better than any other book is where the division across this great planet emanate.
That arrogant better than thou feeling is our greatest sin.
Look at the tower of Babel. We once were one. The people who wrote that passage wrote of our inability to work together. They blamed God for our human failures. The story is of us. Instead, we turn the text around and blame God for our inability to live together in peace.
We could not create a society
Capable of standing up and saying to God.
Father, you can be proud of us
We are one together on earth Bound together in peace and harmony Honoring the one common rule given to all of us by the Creator
My return from a world where chaos ultimately produced the order we see 》 Happened in 2005 while living in Canada. 19 year abroad thinking of coming home. I stopped drinking; we joined the three-week-old community church in Markham, Ontario. There, I began to study the bible. When I came back to the United States in 2008 and settled for a time on St Simons Island, Georgia, I joined the local community church. Moving up to Atlanta, I joined with my sister and attending Johnson Ferry Baptist Church.
Supposedly reborn I tried to learn and listen for God’s words.
Is that not what Jesus told us was our task?
I was taught that he died on the cross so in his name we would come together as one, both Gentile and Jew? Instead!
What happened next resulted from several evangelicals better than thou experiences.
They demand – I see things their way.
This better-than-thou attitude caused me to run back to the Episcopal church.
Tribalism:
Party, nationalist, MAGA, slave owner, racist, sexist, cults, schools, churches, temples … whatever holds one group together divides us. This is our failure.
We did not listen to those four great teachers
I don’t think the evangelist understands the words of the world of the great Teacher and King Jesus Christ.
We are not listening to Jesus. He knew and had learned from All the many before him
With this ancient depth, even he has not convinced those now living and those who came before to come together as one family. He asked us, in the name of the creator, to be the stewards of this planet and friends to any who enters our space.
This is who we are expected to be
Look at us today. We have not been true to his teaching.
Those that follow, including Mohammed, Luther, Calvin, Joseph Smith, Guru Nanak, and so many others, sought to promote their unique way of thinking. Instead, they ended up creating even more division.
In 2017 my mother died. It was late February. We had just elected a racist President. Two priests Robert and Tom stood talking as friends. Of two different disciplines, these men told me the local spiritual leaders met for Lunch – Dinner – Musical … whatever.
Years later Tom and Allan (Robert’s replacement) along with the local rabbi took a group to Palestine.
They told me who did not wish to be part of their ecumenical movement.
The Imam did
At the beginning of 2020, living once again in the Golden Isles, I attended three of the churches here on St. Simons. I listen with great respect to Alan & Tom as they tended to their Presbyterian and Episcopalian flocks. I also had a chance to experience Catholics sharing their faith. The feeling of being connected to God is absolutely present in each of these congregations.
I stayed away from most people during the pandemic, especially those rude people who would not wear a mask and do not want to accept the free vaccine and become part of the herd immune society.
May 2021
A lovely woman asked the question of my spiritual beliefs.
before she adamantly professed her beliefs
I was at peace with My spiritual foundation
Now that she has reentered my life
I have a new appreciation of the value of community
and the necessity to change the way we treat each other
While cycling one beautiful afternoon along the Chattahoochee, I listened to one particular way of interpreting the Tao.
After listening to the full series, the Trinity became nothing more than an element of the mythology used to help people find a common purpose.
For me, our purpose should be to find union with all. People should not insist we all believe in the Jesus described in the Nicene Creed. Instead,
We could all agree
Jesus Is
The Greatest Spiritual Teacher
a King of Kings
a divine individual
Many tell me I must give God my full and undivided attention. They tell me he will fill my mind with heavenly wisdom and knowledge.
They tell me – he has plans for me.
They tell me they see and hear greatness in my ideas. Can it be true?
Is God calling and asking me to step up
Reach higher and prepare to do more than I can imagine?
My therapist believes I have a calling. Others cause me to fear the burden God wants to place on my shoulders. The woman who caused me to write told me she heard greatness in my ideas.
Sometimes even I wonder if I am destined and here for a reason
In 1976 I grasped hardware, software & networks achieving the equivalent of a 4-year master’s in computer sciences. 1982, while replacing the back pages of the WSJ with computer screens, I saw how marginal satisfaction is not a human instinct and was confronted with trying to grapple with the advantages and disadvantages of socialism and capitalism. 1986 off to Europe for 15 years.
1991, I moved into senior management and saw the world through the eyes of Mastercard and Visa. I helped them grow while focusing on securing the world of payments and heralding in eCommerce.
Big data, identity, and cryptography take me into today.
The fourth industrial revolution is underway; it calls us to embrace machine learning, natural language interfaces, 3D printing, and the internet of things.
How God fits in begs the question of why God would put Putin and Trump in power. Why would income inequality be so raw and health a profit center? Those waving the Trump and MAGA flags worry me. Their supremacist attitude solidifies for me one thing. Tribalism is our greatest sin.
Has he put me here to address the real issue!
Stop believing in the absolute truth of One book. Instead, we need to collectively believe in the one creator who taught the four or more ancient scholars the truth. They all have one common message.
It is time to listen and embrace The Golden Rule.
If this is my destiny, I need help. I need the OMI cheerleader. Moreover, I need to meet men and women of faith who have experienced a truth and have grown to see the truth.
Together we can build and promote We need to embrace The Golden Rule
Jesus the King of the World for 18 years wandered this earth. As our teacher he stands before us with one truth. Love each other. In so doing you love and honor God.
Matthew 25:40 And the king will answer them, ‘Truly I tell you, just as you did it to one of the least of these who are members of my family,* you did it to me.’
Such big words. The idea something is once written can never be changed, altered, or deleted as well as elegant. Or that there is no need to worry about anything, what is presented simply is one instance of knowledge not until more than two can be found is there the possibility of trust. But if more than a few assemble and not sure then!
In a trustless environment, there is no single entity that has authority over the system, and consensus is achieved without participants having to know or trust anything but the system itself. A definition from one of the major institutions helping to establish this new. New what?
https://academy.binance.com/en/glossary/trustless
It is the removal of relationships so they can be replaced by something, no someone new that is bothersome. Words like usury invade reality, and a few get very wealthy as the mass spend to survive, always being driven to need more.
We have lost the ability to commune. We lost track if the responsibility to be good stewards of the garden we were given responsibility for .
When I think about democracy I wonder about how long it will take to truly become democratic.
This transformation requires the agility to accept change as society moves forward and expands on all sides, Be our differences density, education, technology, automation, learning, health, family, place, or position.
Date & Time: Tuesday, June 29th, 2021 10:30 AM PT | 1:30 PM ET
Explained: A Legal Perspective on the Future of Cybersecurity Research
The Supreme Court’s Van Buren decision earlier this month aimed to clarify the ambiguous meaning of “exceeding authorized access” in the Computer Fraud and Abuse Act, the federal computer crime law.
In the context of protecting critical infrastructure from hackers, this particular ruling will define how we manage, report, and handle unauthorized access.
It also raises some foundational questions that, if weighed carefully, have the potential to foster a collaborative relationship between researchers and companies. How should good-faith researchers conduct themselves? Does this redefine the relationship between companies and hackers? Is every researcher considered to be in violation of CFAA if they’ve not sought permission to access a system?
Jared L. Hubbard and Christopher Hart have followed this ruling closely and worked on amicus briefs to aid the Court in this matter. They will discuss the case and answer questions.
Speakers:
Jared L. Hubbard, Partner, Fitch LP Christopher Escobedo Hart, Partner, Co-Chair, Privacy & Data Security Practice – Boston, FoleyHoag LLP
Today we seek to ensure each citizen eligible to vote can vote. Issues like location, geography, education are all elements of the values we must embrace as we work to assure the citizens ability to vote.
The first question of voter and eligibility takes us into the realm of who or how elections are managed. Candidates, contests, question are all elements of what is presented to the voter as a ballot. According to practices and rules, contests involve selecting candidates. While questions focus on yes/no answers or a score.
Anonymity creates a need to construct a mechanism to assure one vote per voter while preserving the privacy of the voters identity. This one requirement solved reduces the risk landscape significanttly and complicates the angle of attack.
Adhering to a security first continous improvement principles and integrating prevention and detection into the design of the source code.
I believe Voatz has solved the most challenging task and embraced best of breed components and partners to build a secure immutable record of each unique anonymously signed ballot.
The rest, as long as vendor certification mechanisms and coherent standards exist, has been done over and over again in: financial services, government services, defense, health, and retail. With sound software design and release procedures, built on quality principles inherent in the companies ethos
How can any tribe claim to be chosen? When so many other cultures and tribes emerged in other parts of the globe. Each grew up with an understanding of the unimaginable Creator. God, by whatever name.
This elemental craving to be better than another goes back to the emergence of language. When we learned to communicate with together we began to wonder: how or why?
These two questions get more complicated when we wonder how those lights appear in the night sky or why the rain does not soak the earth.
Yet up against the Mediterranean this band of escaped Egyptian slaves claim lands from the inhabitants.
A long time ago out of Northeastern Africa Homosapien emerged.
Homo sapien an interesting evolution of the primate. They settled in tribal communities. Evolved and seeking shelter, food source, drinking water, and sanitation together.
A new world order seems to be the next step in man and woman’s evolution. Division twin tribes, cultures, people and religion create animosity. It is this animosity built on fear often times we we must address as we evolve.
Where would I live if both ice caps melted and all glaciers disappeared. How much water did you put on the Earth? Somewhere on what will become Eastern seaboard is where Philip wants to build, I’m home.
The next question, when does it matter. If I think of myself 2050 I would be 96. If I think beyond, 21 sounds like a good number.
When we think of governance and how we control society, we immediately must consider the realities of people in the tribes they belong to.
Recently the emergence of bitcoin, the understanding of the power of a distributed ledger, the use of a hash chain, the power of cryptographic processes, and the security of the devices we carry establishes a foundation for a brave new world.
What is governance? It is the method processes and mechanisms a society puts in place to establish order and ensure harmony?
The ancient Turks, Greeks, slave spoke of democracy, the idea that each member of the tribe, the town, the city, or the state could assemble and determine new laws, regulations, and best practices. We then evolved into Republican governments the concept of a group of people representing a larger number of citizens.
Influence and power define what shall evolve. In my lifetime, the idea of being able to plug the handset of your telephone into the back of a terminal and establish a connection to a computer somewhere out there was a novelty. For my father it is Time in Geneva when Aryanism stood out as a challenge, opportunity or threat. Telephones were just emerging and radios were available. TV was still not present. Paper books and libraries surrounded the environment we will call Geneva.
City on the Lake, what is this thing place in his history his is as relevant as your or mine.
One question why anonymity at the profound process of engagement. When you are something called anonymous I am not sure I want to play. If your anonymous is mandatory; I don’t want to play.
The innovative spiritual and the. Nurturing essence of life.. How this evolves involves countless engagements.
Each sublime note to the fabric of the virtual environment we present to the public is.
And, all of us form the fabric of the public.
He answered them,“And why do you break thecommandmentof God for the sake of your tradition?4For God said,*‘Honor your father and your mother,’ and, ‘Whoever speaks evil of father or mother must surely die.’5But you say that whoever tells father or mother, ‘Whatever support you might have had from me is given to God,’*then that person need not honor the father.*6So, for the sake of your tradition, you make void the word*of God.7You hypocrites! Isaiah prophesied rightly about you when he said:
8‘This people honors me with their lips,
but their hearts are far from me;
9in vain do they worship me,
teaching human precepts as doctrines
“Listen and understand:11it is not what goes into the mouth that defiles a person, but it is what comes out of the mouth that defiles.”
What shall we do? Simple honor the one Jesus answered,“The first is, ‘Hear, O Israel: the Lord our God, the Lord is one;30you shall love the Lord your God with all your heart, and with all your soul, and with all your mind, and with all your strength.’31
You commit to what you believe in with a robust desire to adhere to the moral imperatives. The one God is the same God written about in so many different ancient lore.
The second is this, ‘You shall love your neighbor as yourself.’ There is no other commandment greater than these.” 32
32
Who is your neighbor?
Anyone you engage in an event. An event is is anything we all seek to record. By the way any unit of one can record as long as all parties are aware. It is our contracts and promises. Those such as payment, voting, identity and influence.
When we think of investing in various businesses the goal, of course, is revenue. One of the keys to such success is loyalty. Loyalty is all about the relationship companies create with their customers and the revenue these relationships assure.
If the buyer has something the seller wants, in exchange for the good or service they desire, then a transaction occurs. The challenge is simple, each party defines the value of what they are providing or exchanging and presto the trade occurs.
When society grows and the complexity of what each of us produces and when our needs are not aligned to this process called barter, a means of monetization is established. Society creates a trusted means of exchange – pebbles, coins, money, a promissory note or now even, some would argue,cryptocurrencies.
In other words, society created an answer to enable the exchange of goods and services between parties, who do not have the goods and services the other party seeks.
With cash, coins or other tangible representations of value, commerce is easy. When society does not develop a secure and trusted means of facilitating the exchange of things commerce, innovation and a good life cannot be achieved. To this end, paper money is imbued with ‘value’ based on the integrity of the party issuing the physical or now electronic ‘money’. The addition of the word ‘electronic’ brings technology, computers, and networks into the conversation. One network, typically referred to as the Automated Clearing House ‘ACH’ allows banks to electronic instruct the movement of ‘money from an account at one bank to an account at another.
The addition of the word ‘electronic’ brings technology, computers, and networks into the conversation. One network, typically referred to as the Automated Clearing House ‘ACH’ allows banks to electronic instruct the movement of ‘money from an account at one bank to an account at another. The use of an ach check processing system for business transactions between vendors and customers has become increasingly common in addition to banks. The advantage of this system is that it usually allows businesses to transfer money automatically between bank accounts so that their payments can be cleared out in a short period of time.
These payment networks, by necessity, add complexity. They create the need to establish a two sided market. On one side the relationship with the buyer, consumer, or cardholder. On the other side if this market the seller, merchant, or retailer.
Issuance and Acceptance. Two words to describe the two sides of a network. It’s only when the two sides of the market have sufficient participants. Only at the tipping point, when critical mass exists, can one claim to have created a self-sustaining network. A network of people promoting use to buyers and a network of merchants willing to accept payment based on the terms and conditions defined by the network. Beginning at this tipping point, the network and it’s Brand blossoms. If either side of the market does not achieve critical mass, the network collapses.
Relationships – The oil of commerce
Any two entities familiar and trusting in the Brand, or each other, can easily establish a temporary relationship with entities associated with the brand. If one or more of the entities require anonymity increases the level of trust and recognition the Brand must establish with these participants.
In a digital environment, we are in need of mechanisms to share and establish trust across trillions of electrons. The two sides of a relationship, in other words, the market, will not take the time to understand or appreciate the need for network and endpoint security; until the risk exceeds a threshold understood by the participants.
The Artifact of Trust
When a mutually trusted set of parties gives the citizen, consumer, employee or courtier a letter, card, device or any uniquely registered object, and provides every acceptor with a reader capable of recognizing the trusted thing. Then the two parties are in a position to establish “trust”. The consumer has a thing which is recognized and trusted by the acceptor. This is often referred to as “What You Have”.
Once the thing is recognized by the acceptor, then, the process of identification and authorizations (the transaction) can take place. The object – the artifact – carries an identifier. It possesses unique characteristics. The object also possesses a means of assuring the acceptor the presentation of that identifier represents a unique representation of that identifier.
The simplest artifact of establishing “trust” is a handheld thing, be it a key, fob, card, watch, pendant, phone, earpiece. It does not matter what it is, all that counts is that the merchant recognizes it and that the consumer is willing to carry and present it.
Trust, for the merchant, means they can, according to defined procedures, recognize and authenticate the thing. They are then in a position to pursue a temporary and trusted relationship. What can be achieved during the time the relationship of trusted is bounded, is constrained by an additional layer. In this layer the consumer, the acceptor and any third parties address which the rights and privileges are to be granted or pursued. This is when the exchange, sale, conversation, tranaction, event or access is granted.
This question of the extinction of the payment card is misleading.
What is a payment card? It is the carrier of a set of credentials, A means of Identification offering financial Attributes capable of being authenticated by a party seeking to sell something to the individual or entity presenting the credential as a mechanism to assure payment.
Back when credit cards were designed, the goal was to offer merchants a guarantee of payment and anonymous consumers a means of paying. Behind this means of payment, a financial institution, the issuer, provides the consumer with a “Line of Credit”.
On the merchant side, another financial institution buys these guaranteed receivables from the merchant and charges the merchant a “merchant discount”. Later that day the Issuing Institution advances payment to the Acquiring Institution based on an agreed set of terms and operating rules. Terms and conditions the involved financial institutions collectively agreed upon.
For this method of payment to be effective, a large number of consumers and merchants had to agree to participate; hence the financial institutions came together and formed what we now know as MasterCard and Visa.
Given the state of technology at the time it was essential this new mechanism work without the burden and expense associated with the merchant, supported by the acquirer, contacting the issuer to receive approval, or, in stronger terms be assured of a guarantee of payment. To achieve this result, the merchant needed something to acquire the necessary information to submit a request for payment. For both the merchants and financial institutions,, there had to be a means of authentication. Designed to assure the responsible parties of the authenticity of the person or entity to present their payment credentials.
To accomplish this goal, just like with money, physical security features are integrated into the payment card designed to allow the merchant to authenticate the uniqueness of the card carrying the payment credential, thus assuring the merchant of the authenticity of the card.
Overtime criminals successfully counterfeited these security features.
As these features were compromised additional features had to be added.
Today, a computer has been embedded inside the card, in order to assure the authenticity of the payment card credentials being presented to the merchant.
These computers embedded onto the front of a payment card exploit the power of cryptography. Cryptographic certificates and digital signatures are created by and for these computers, allowing:
The Issuer (symmetric cryptography) to support Online Authentication
The merchant (asymmetric cryptography)to support Offline Data Authentication
These two mechanisms prove to the merchant and issuer that the card is unique and the data, credentials, and digital signature it contains or produces are authentic.
Once all the merchants have are capable of reading the data from the chip card, the security features of the card become redundant.
As these features become redundant and the merchants embrace Near Field Communications, based on the ISO 14443 standard, the issuer can replace the card form factor with anything equipped with the necessary computational capabilities and ability to communicate with the terminal over the NFC interface.
This is exactly what Apple Pay and Google Pay have done. They replaced the card with a device. Yes, the Payment Card may become redundant. But, the Payment Credentials they contain, remain.
What we know as card payments, is fundamentally an account-based solution. Money, through the defined settlement process, ultimately move from the line of credit or deposit account of the buyer, through a series of accounts with the participating financial institutions, to the account of the merchant.
Card-based credential payments simply become Device-based credential payments
