Could we be just a few 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 which could very well be the 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 money 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 chance of global change that may 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 offers 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 a highly effective implementation could only be achieved through official ways sufficient reason for the support from governments), the technology is currently subject to 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 financial system 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 benefits 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 ability to devaluate banknotes that may have been stolen from the DICE user or which are illegally circulating.
Bitcoin Era Site is the goal of EDAQS that the complete banking and retail sector together 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 happening 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 has 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 take over 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 problems that governments claim to be the reason for 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 live on.
Among a range of new development models there are several advantages of DICE. Firstly, counterfeiting of banknotes is a thing of the past sufficient reason for the counterfeited value being greater 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 chance of a worthless robbery will be higher than the ultimate gain. DICE also combats crime and as a result general cash-related crime will undoubtedly be reduced by almost a quarter 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 bring about higher tax revenues.
Besides mapping out preventing cash crimes and forgery, EDAQS hopes to fight drug cartels and terror financing on a totally 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 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 which might be obtained by going cashless not absolutely 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 regarding social engineering and transforming communities and societies. You can find understandably concerns about privacy, especially when payments are made through social networks and above all there’s an incalculable cost to your humanity. We would 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 confronted by 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 will 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. For one thing, Wolman notes, that national identity is strongly linked with having a physical currency. Then there’s the ultimate advantage of 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 challenging arguments for a cashless society is that they are rational, and our attachment to cash isn’t. A cashless society can be a society where there is no longer any anonymity.
Philosopher and economist Adam Smith observed that people are economic beings in the sense that our essence as humans stems from 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 into 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 every single transaction we make could be one of the biggest – and least expected – threats to freedom we have 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 merely 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 apply to 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 best point of arrival, of course, 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 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. And while 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 point that we will will have a dependence on cash. Cash is still 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 can also revolutionize the planet of finance through an effective long-term protection strategy that maintains confidence in global currencies.