Could we be just one or two years from solving all security-related complications of cash systems today? Daryl de Jori, Head of New Technologies at EDAQS, a German-Austrian technology company, says which could very well function as case.
De Jori, a business analyst and finance critic by background and renowned Hamburg based economy scientist, Reimund Homann,along with a small team of scientists, technicians, and developers, have spent the last few years perfecting and testing the cash security system DICE, its first hybrid product that unifies artificial intelligence and the daily life, that they believe could prevent cash crimes, as well as solving all security-related complications of cash systems today, including passports and terrorism.
The innovation offers the opportunity for global change that will solve countless conventional issues with one single system and allows central and national banks to supervise and analyze all cash circulation without interfering with the privacy of the citizen. It not only produces anti-counterfeit bills but provides for the first time in the annals of cash an insurmountable protection. Categorized as a semi-governmental project for the general public benefit and classified as a “Governmental Reformation Venture” (since an effective implementation could only be achieved through official ways sufficient reason for the support from governments), the technology happens to be at the mercy of negotiations with governments and national banks for a global implementation of the system.
The development of the DICE (acronym: Dynamic Intelligent Currency Encryption) emerged from the unquestionable need for a economic climate that protects money while upholding the highest level of security and privacy. Contingent identifiable banknotes, preferably with a custom-frequency and secure RFID or machine readable codes like Datamatrix, the DICE integrates reliable and innovative technologies that combine their advantages to incorporate them into an optimized security. Starting from the identifiable banknote that connects to an electronic security system to verify the banknote’s validity, an integral feature is also the opportunity to devaluate banknotes that may have been stolen from a DICE user or which are illegally circulating.
It’s the goal of EDAQS that the whole banking and retail sector as well as all entities with regular cash circulation will take part in the DICE system.Up to now, EDAQS has concentrated the majority of its resources on preventing cash crimes and forgery, but also to save lots of cash from vanishing as it is happening in Scandinavian countries. But because of the recent series of external appraisals, the DICE has been estimated at an averaged valuation of $5.6 billion and has plans to skip a scheduled seeding process to immediately raise capital in a string A financing, after undisclosed leading capital investors and EDAQS lobbyists showed interest to jointly dominate the global implementation of the innovative and futuristic banknote system. As part of the planned spin-off, the brand new company will generate two strong market leaders with distinct brands, partners, operating characteristics and industry dynamics.
DICE combines several technologies and intelligent ways to solve almost all problems that governments claim to be the reason for the planned abolition of cash. DICE protects the citizen, the retailers and even the banks. And it gives cash a fresh and indisputable reason to call home on.
Among a range of new development models there are many advantages of DICE. Firstly, counterfeiting of banknotes will be a thing of the past and with the counterfeited value being higher than the production costs, counterfeiters would naturally have to undergo immeasurable efforts. Second, robberies will become less attractive and even with a limited use of DICE, the chance of a worthless robbery will be higher than the best gain. DICE also combats crime and as a result general cash-related crime will undoubtedly be reduced by almost a quarter on the basis of the official crime statistics for Germany released by the authorities (5.96 million offenses in 2013). The incidental registration of the banknotes would also make it easier for banks and companies to control cash as the complications of handling illicit money result in higher tax revenues.
In addition to mapping out preventing cash crimes and forgery, EDAQS hopes to fight drug cartels and terror financing on a completely different level. The remote deactivation of banknotes opens up new effective tools in the fight the financing of terrorism. From drug cartels to Mafia organizations, the ever-present possibility of the amount of money being devalued later and the potential of determining the final retailer scanned position makes cash uninteresting and risky. With a profound change for legal tenders along with other securities where its use would make sense, DICE provides passive protection mechanisms which have a preventive influence on the users’ security without impairing their privacy and gathers valuable geographical data of cash circulation in the process. Such data could be used to analyze the financial stability of a country.
If current government trends continue, a cashless economy does seem increasing. And while you can find certainly positive outcomes which might be obtained by going cashless not all is rosy however. The darker aspect of a cashless society, is one which few are debating or discussing, but is really the most pivotal in terms of social engineering and transforming communities and societies. You can find understandably concerns about privacy, especially when payments are made through internet sites and above all there’s an incalculable cost to your humanity. We’d lose our freedom to create decisions. It is easy to imagine a totalitarian regime using these tools to great harm. In the digital age, cash is directly faced with technological progress with crypto-currencies like Bitcoin and contact-less payment methods like Apple Pay, Google Wallet or QuickPay. However such technologies could be subject to monitoring and can be regulated in ways which could limit as well as end its utility.
In his book “The End of Money”, Wired contributing editor David Wolman, explored the twilight of cash and its own replacement with a panoply of better means of exchange. To begin with, Wolman notes, that national identity is strongly tied to having a physical currency. Then there’s the ultimate good thing about cash – its capability to enable off-the-books transactions. In a culture as paranoid about surveillance as our very own, imagine the outcry if we were to go to means of exchange that were always traceable? The problem challenging arguments for a cashless society is that they’re rational, and our attachment to cash isn’t. A cashless society is also a society where there is no longer any anonymity.
Philosopher and economist Adam Smith observed that people are economic beings in the sense our essence as humans is due to our ability to make fair trades for our labor or our products. We make these transactions in the current presence of the usually benevolent “invisible hand,” as Smith called it in his book “An Inquiry in to the Nature and Causes of the Wealth of Nations.” The invisible hand optimizes our total production, and, by and large, fosters our freedom. A “visible hand” monitoring each and every transaction we make could be one of the biggest – and least expected – threats to freedom we’ve ever encountered in history.
In Bitcoin Era Review of the dystopian outcomes in the evolution in the creation of a cashless society, DICE is billed at breaking the mold with regards to the protection of cash, because it not only improves cash circulation, but additionally the standard of people’s life. The benefits of the DICE system can only be positive.While it would obviously apply to the economy all together and to anyplace where money plays a significant role, however a lot would also change for private individuals. The technology is so far without the competition and in the long term, the ultimate point of arrival, of course, is that it’s unavoidable that banknotes become digital hybrids. Which is definitely a better option to a state-controlled digital cash system.
Ambitious as that may be, it is really just the end of the iceberg. Of course, society has been through times of innovation in monetary technology before. And while cash has been fighting the digital tide for quite a while now with the need to get beyond cash having been recognized in several countries, there’s no escaping the point that we will will have a dependence on cash. Cash continues to be king and will remain in circulation for generations ahead – for consumers and businesses. Hence, it’s never too late for businesses to safeguard themselves by safeguarding cash as a target. Additionally, de Jori thinks that DICE can also revolutionize the planet of finance via an effective long-term protection strategy that maintains confidence in global currencies.