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 be the 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 cash security system DICE, its first hybrid product that unifies artificial intelligence and the daily life, which they believe could prevent cash crimes, in addition to solving all security-related complications of cash systems today, including passports and terrorism.
The innovation offers the chance 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 merely produces anti-counterfeit bills but offers the first time in the annals 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 performed 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 dependence on 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, a key feature is also the ability 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 complete banking and retail sector and all entities with regular cash circulation will participate in the DICE system.So far, EDAQS has concentrated the majority of its resources on preventing cash crimes and forgery, but additionally to save lots of cash from vanishing as it is happening 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. As part of the planned spin-off, the brand new company will create 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 also the banks. Also it gives cash a fresh and indisputable reason to live on.
Among a range of new development models there are several benefits of DICE. Firstly, counterfeiting of banknotes is 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 even 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 undoubtedly be reduced by almost a quarter 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 manage cash because 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 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 last retailer scanned position makes cash uninteresting and risky. With a profound change for legal tenders along with other securities where its use would seem sensible, 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 analyze the financial stability of a country.
If current government trends continue, a cashless economy does seem on the rise. And while there are certainly positive outcomes which can be obtained by going cashless not absolutely all is rosy however. The darker facet of a cashless society, is one which few are debating or discussing, but is actually the most pivotal with regards 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 is an incalculable cost to our humanity. We would 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 can be subject to monitoring and may be regulated in ways which 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 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 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 with all of the 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 absolutely no longer any anonymity.
Philosopher and economist Adam Smith observed that we are all economic beings in the sense that our essence as humans is due to our capability to make fair trades for our labor or our products. We make these transactions in the 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, 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 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 only improves cash circulation, but additionally the quality of people’s life. The benefits of the DICE system can only just be positive.Although it would obviously connect with 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 indeed far without any competition and in the long run, the best point of arrival, needless to say, is that it’s unavoidable that banknotes become digital hybrids. Bitcoin Revolution Review is definitely a better option to a state-controlled digital cash system.
Ambitious as which may be, it is really just the tip of the iceberg. Needless to say, society has been through times of innovation in monetary technology before. Even though cash has been fighting the digital tide for some time now with the need to get beyond cash having been recognized in a number of countries, there’s no escaping the truth that we will will have a need for cash. Cash continues to be 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 through an effective long-term protection strategy that maintains confidence in global currencies.