|In a new research report published by the New Scientist, casino chips which have embedded radio frequency identification tags (RFID) could eventually replace traditional paper currency or bank notes and cut down fraud.|
The RFID tags in the chips, will help casino track and monitor counterfeits, behavior of gamblers, and allow casinos to be more vigilant to combat fraud.
Companies like Wal-Mart, FedEx and Gillette, banks, logistics companies and now casinos are seriously considering adopting RFID technology to track their shipments, customers. Industry observers estimate that over 20 billion RFID tags will be deployed by 2007 and 1 trillion by 2010 by companies.
Essentially the tag is a small stamp-size wireless chip, which has a unique ID code. When it passes in the range of RFID reader or scanner, in a defined radius it detects and alerts the system. If the technology can be transferred to notes, banks and stores will easily be able to check that money is not counterfeit. In 2003, the European Central Bank disclosed plans of possibly fitting radio tags in euro banknotes to combat fraud.
But most casinos and companies are expected to face opposition from privacy advocates and customers who don't want to be tracked for everything they buy or do.