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 that could 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, besides 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 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 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 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 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. Beginning with the identifiable banknote that connects to a digital 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 is the goal of EDAQS that the complete banking and retail sector and also all entities with regular cash circulation will take part in the DICE system.Up to now, EDAQS has concentrated most of its resources on preventing cash crimes and forgery, but additionally 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 has 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. Within 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 techniques to solve almost all issues that governments claim to be the reason for the planned abolition of cash. DICE protects the citizen, the retailers and even the banks. And it gives cash a fresh and indisputable reason to live on.
Among a variety of new development models there are various benefits of DICE. Firstly, counterfeiting of banknotes is a thing of the past and with 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 for that reason general cash-related crime will be reduced by almost a quarter on the basis of the official crime statistics for Germany released by the authorities (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 as the complications of handling illicit money bring about 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 meilleur plateforme trading to Mafia organizations, the ever-present possibility of 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 and other securities where its use would seem sensible, DICE provides passive protection mechanisms which have a preventive effect on the users’ security without impairing their privacy and gathers valuable geographical data of cash circulation along the way. Such data could possibly 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 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, particularly when payments are made through social networks and above all there is an incalculable cost to our humanity. We’d lose our freedom to create decisions. You can easily 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 could be subject to monitoring and can 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 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 advantage of 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 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 can be 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 ability to make fair trades for the 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 each and every transaction we make could possibly be one of the biggest – and least expected – threats to freedom we have 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 with regards to the protection of cash, since it not only improves cash circulation, but also the quality 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 indeed far without the 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 which may be, it is really just the end 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 truth 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 can also revolutionize the planet of finance via an effective long-term protection strategy that maintains confidence in global currencies.