Could we be just a few 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 that 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 previous few years perfecting and testing the money security system DICE, its first hybrid product that unifies artificial intelligence and the daily life, which they believe could prevent cash crimes, besides solving all security-related complications of cash systems today, including passports and terrorism.
The innovation offers the chance of 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 history 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 performed through official ways and with 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 a digital security system to verify the banknote’s validity, a key feature is also the opportunity to devaluate banknotes that may have been stolen from the DICE user or which are illegally circulating.
It’s the goal of EDAQS that the whole banking and retail sector along with all entities with regular cash circulation will participate in the DICE system.So far, EDAQS has concentrated most of its resources on preventing cash crimes and forgery, but additionally to save lots of cash from vanishing as it is going on in Scandinavian countries. But thanks to the recent series 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 Series 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. Within the planned spin-off, the 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 issues that governments claim to be the explanation of the planned abolition of cash. DICE protects the citizen, the retailers and even the banks. Also it gives cash a fresh and indisputable reason to call home on.
Among a variety of new development models there are plenty of benefits 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 also 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 25 % based on 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 manage cash because the complications of handling illicit money bring about higher tax revenues.
As well as 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 money being devalued later and the potential of determining the last 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 that have a preventive influence on the users’ security without impairing their privacy and gathers valuable geographical data of cash circulation along the way. Such data could be used to investigate the financial stability of a country.
If current government trends continue, a cashless economy does seem increasing. And while there are certainly positive outcomes that may 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 with regard to 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 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 and even end its utility.
In his book “THE FINISH 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 linked with having a physical currency. Then there’s the best good thing about cash – its ability to enable off-the-books transactions. In a culture as paranoid about surveillance as our own, imagine the outcry if we were to move to means of exchange which were always traceable? The problem with all of the arguments for a cashless society is that they’re rational, and our attachment to cash is not. A cashless society is also a society where there is absolutely no longer any anonymity.
Philosopher and economist Adam Smith observed that people are economic beings in the sense our essence as humans stems from our capability 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 into the Nature and Factors behind the Wealth of Nations.” worldoftechnicalanalysis.com optimizes our total production, and, by and large, fosters our freedom. A “visible hand” monitoring every single transaction we make could be one of the greatest – and least expected – threats to freedom we’ve ever encountered in human history.
In light of the dystopian outcomes in the evolution in the creation of a cashless society, DICE is billed at breaking the mold when it comes to the protection of cash, because it not merely improves cash circulation, but also the caliber of people’s life. The benefits of the DICE system can only just be positive.While it would obviously connect with the economy as a whole and to anyplace 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 ultimate point of arrival, needless to say, is that it’s unavoidable that banknotes become digital hybrids. That is definitely a better option to a state-controlled digital cash system.
Ambitious as that could be, it is really just the end of the iceberg. Needless to say, society has experienced times of innovation in monetary technology before. And while cash has been fighting the digital tide for quite a while now with the necessity to get beyond cash having been recognized in several countries, there’s no escaping the fact that we will always have a dependence on cash. Cash is still king and will stay in circulation for generations to come – for consumers and businesses. Hence, it’s never too late for businesses to protect 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.