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 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 cash security system DICE, its first hybrid product that unifies artificial intelligence and the lifestyle, 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 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 provides for 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 an effective implementation could only be achieved through official ways and with the support from governments), the technology is currently 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 dependence on a economic climate that protects money while upholding the best degree 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 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 whole banking and retail sector together with all entities with regular cash circulation will participate in the DICE system.Up to now, EDAQS has concentrated most of its resources on preventing cash crimes and forgery, but also to save 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 string 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 brand 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 reason for the planned abolition of cash. DICE protects the citizen, the retailers and also the banks. And it gives cash a fresh and indisputable reason to call home on.
Among a range of new development models there are plenty of 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 have to undergo immeasurable efforts. Second, Bitcoin Era Official can be less attractive and also with a limited use of DICE, the risk of a worthless robbery would 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 make it easier for banks and companies to control cash because the complications of handling illicit money result in higher tax revenues.
As well as 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 the financing of terrorism. From drug cartels 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 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 which might be obtained by going cashless not all is rosy however. The darker facet of a cashless society, is one which 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, particularly when payments are made through internet sites and above all there is 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 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 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 own replacement with a panoply of more efficient means of exchange. For one thing, Wolman notes, that national identity is strongly linked with having a physical currency. Then there’s the ultimate benefit 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 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 is also a society where there is absolutely no longer any anonymity.
Philosopher and economist Adam Smith observed that people are all 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 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 in terms of the protection of cash, since it not only improves cash circulation, but additionally the quality of people’s life. The advantages 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 a significant role, however a whole 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, needless to say, is that it’s 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. Of course, 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 necessity to get beyond cash having been recognized in several countries, there’s no escaping the point that we will always have a dependence on 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 safeguard 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.