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 small 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 money security system DICE, its first hybrid product that unifies artificial intelligence and the daily life, that 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 opportunity for global change which will solve countless conventional problems 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 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 is currently at the mercy of negotiations with governments and national banks for a worldwide 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 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 benefits 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 is the goal of EDAQS that the complete banking and retail sector and 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 cash from vanishing since it is going on in Scandinavian countries. But because of 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 generate two strong market leaders with distinct brands, partners, operating characteristics and industry dynamics.
DICE combines several technologies and intelligent techniques 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. And it gives cash a new and indisputable reason to call home on.
Among a range of new development models there are many 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 need to undergo immeasurable efforts. Second, robberies can be less attractive and also with a limited usage of DICE, the risk of a worthless robbery would be higher than the best gain. DICE also combats crime and for that reason general cash-related crime will be reduced by almost 25 % on the basis of 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.
Besides 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 the financing of terrorism. From drug cartels to Mafia organizations, the ever-present chance for 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 that have a preventive effect 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 investigate 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 that could be obtained by going cashless not absolutely all is rosy however. The darker aspect of a cashless society, is the one that few are debating or discussing, but is in fact the most pivotal when it comes to social engineering and transforming communities and societies. There are understandably concerns about privacy, particularly when payments are made through social networks and above all there’s an incalculable cost to our humanity. We’d lose our freedom to make 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 can be subject to monitoring and can be regulated in ways that could limit and even end its utility.
In his book “The End of Money”, Wired contributing editor David Wolman, explored the twilight of cash and its replacement with a panoply of better means of exchange. For one thing, 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 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 are 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 we are all economic beings in the sense that our essence as humans stems from 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, more often than not, fosters our freedom. A “visible hand” monitoring each and every transaction we make could be one of the greatest – and least expected – threats to freedom we’ve ever encountered in history.
In Bitcoin Revolution Site of the dystopian outcomes in the evolution in the creation of a cashless society, DICE is billed at breaking the mold in terms of the protection of cash, because it not only improves cash circulation, but additionally the caliber of people’s life. The advantages of the DICE system can only just be positive.While it would obviously connect with the economy all together and to anyplace where money plays an important role, however a lot would also change for private individuals. The technology is indeed far without any competition and in the long term, the ultimate point of arrival, of course, is that it is unavoidable that banknotes become digital hybrids. Which is definitely a better option to a state-controlled digital cash system.
Ambitious as that could be, it is really just the tip 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 fact that we will always have a dependence on cash. Cash is still king and will stay 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 may also revolutionize the planet of finance through an effective long-term protection strategy that maintains confidence in global currencies.