Quote: Don't banks make use of GPS to timestamp transactions?
(Jan Olieslagers)
I don't think so. Bank transactions are generally handled by (or through?) computers, computers generally get their date and time information through an internet protocol called NTP. True, some NTP servers use GPS receivers as their source of information, but some are far away and some do not use GPS at all, like caesium clocks. And yes, these protocols do know how to deal with propagation delays.
You may be right Jan. I have no special expertise here, I just keep on reading it (e.g. links below). Also, I would hope that secure banking systems would not place too much reliance on internet-based timing information. But given the current problems with some UK banks' payment systems, I could believe that too!
From the Light squared debate (2012):
Coalition to Save Our GPS
From the New Scientist (2011):
GPS chaos: How a $30 box can jam your life - tech - 06 March 2011 - New Scientist