Could we be just one or two years away 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 that may very well function as case.
De Jori, a business analyst and finance critic by background and renowned Hamburg based economy scientist, Reimund Homann,plus a small team of scientists, technicians, and developers, have spent the previous few years perfecting and testing the money security system DICE, its first hybrid product that unifies artificial intelligence and the lifestyle, which they believe could prevent cash crimes, along with solving all security-related complications of cash systems today, including passports and terrorism.
The innovation offers the chance for global change that may 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 merely produces anti-counterfeit bills but offers the first time in the history of cash an insurmountable protection. Categorized as a semi-governmental project for the public benefit and classified as a “Governmental Reformation Venture” (since a highly 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 financial system that protects money while upholding the best 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. Beginning with 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 already been stolen from the DICE user or which are illegally circulating.
It’s the goal of EDAQS that the whole banking and retail sector and all entities with regular cash circulation will participate 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 cash from vanishing as it is happening in Scandinavian countries. But thanks to the recent group of external appraisals, the DICE has been estimated at an averaged valuation of $5.6 billion and contains 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 take over the global implementation of the innovative and futuristic banknote system. As part of the planned spin-off, the new company will create two strong market leaders with distinct brands, partners, operating characteristics and industry dynamics.
DICE combines several technologies and intelligent ways to solve almost all issues that governments claim to be the explanation of the planned abolition of cash. DICE protects the citizen, the retailers and also 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 sufficient reason for the counterfeited value being higher than the production costs, counterfeiters would naturally have to undergo immeasurable efforts. Second, robberies will become less attractive and also with a limited usage of DICE, the chance of a worthless robbery would be higher than the best gain. DICE also combats crime and as a result general cash-related crime will be reduced by almost 25 % based on the official crime statistics for Germany released by the police (5.96 million offenses in 2013). The incidental registration of the banknotes would also ensure it is easier for banks and companies to control cash because the complications of handling illicit money result in higher tax revenues.
Along with mapping out the prevention of 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 against the financing of terrorism. From drug cartels to Mafia organizations, the ever-present chance for the 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 and other securities where its use would seem sensible, 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 possibly be used to investigate the financial stability of a country.
If current government trends continue, a cashless economy does seem on the rise. And while you can find certainly positive outcomes that could be obtained by going cashless not all is rosy however. The darker facet of a cashless society, is the one that few are debating or discussing, but is really the most pivotal with regards to social engineering and transforming communities and societies. There are understandably concerns about privacy, particularly when payments are made through internet sites and above all there’s an incalculable cost to your humanity. We’d lose our freedom to make decisions. You can easily imagine a totalitarian regime using these tools to great harm. In the digital age, cash is directly confronted by technological progress with crypto-currencies like Bitcoin and contact-less payment methods like Apple Pay, Google Wallet or QuickPay. However such technologies can be subject to monitoring and will be regulated in ways which could limit as well as end its utility.
In his book “THE FINISH of Money”, Wired contributing editor David Wolman, explored the twilight of cash and its replacement with a panoply of more efficient means of exchange. To begin with, Bitcoin Revolution Review , that national identity is strongly linked with having a physical currency. Then there’s the best 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 is not. A cashless society can be a society where there is no longer any anonymity.
Philosopher and economist Adam Smith observed that people are all economic beings in the sense that our essence as humans is due to our ability to make fair trades for the 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 Factors behind the Wealth of Nations.” The invisible hand optimizes our total production, and, more often than not, 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 light 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 also the caliber of people’s life. The benefits of the DICE system can only just be positive.Although it would obviously apply to the economy all together and to any place where money plays an important role, however a whole lot would also change for private individuals. The technology is so far without any competition and in the long run, the best point of arrival, needless to say, is that it is unavoidable that banknotes become digital hybrids. That 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. Needless to say, society has experienced times of innovation in monetary technology before. Even though 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 truth that we will always have a need for cash. Cash continues to be king and will remain in circulation for generations to come – 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 may also revolutionize the world of finance via an effective long-term protection strategy that maintains confidence in global currencies.