Smart card technology has penetrated almost every part of our daily life. Most of the transportation systems and retail stores are rely on this form of technology in part of their transactions. The technology has more benefits compared to conventional data transmission devices such as magnetic stripe cards which people use every day to access automated teller machines. It embeds microprocessor to a card that stores and transacts data between users. The chip stores electronic data and provides the function of credit, debit, and other memory capabilities such as identities and medical record. The data is transacted via a card size reader that builds on the entry or transaction points then back to the computer terminal. This type of system offers enhanced security and convenience to many applications such as banking, transportation, security and online transactions.
2. Brief Description of Selected CompanyReach Ltd. is a medium scale information technology company located in Hong Kong that was established in 1995.
The company is a smart card technology service provider to public and privately owned company. Reach recruits more than 50 employees include sales, engineers and technicians at the main office and few branches in China. The new product that the company plans to launch to the market is called Reach Ring. It is a ring that embeds with microprocessor which provide the functions same as smart card but in a much smaller size.
2.1 Reach Ring FeaturesThe Reach Ring greatly improves the convenience and security of any transaction. It combines with all the benefits of cards used for identification, teller machines, toll, and transportation. Moreover, it reduces the document processing costs, labor costs as well as delays caused by manual systems by allowing immediate access to personalized information stored in the ring. Maintenance costs for vending machines, parking meters and other...