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 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, 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 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 a highly effective implementation could only be performed through official ways sufficient reason for the support from governments), the technology happens to be 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 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 advantages 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.
It is the goal of EDAQS that the whole banking and retail sector along with 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 going on in Scandinavian countries. But because of 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 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 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 problems 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 new and indisputable reason to call home on.
Among a variety of new development models there are several advantages of DICE. Firstly, counterfeiting of banknotes will be 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 even with a limited use of DICE, the risk of a worthless robbery would be higher than the best gain. DICE also combats crime and as a result general cash-related crime will undoubtedly be reduced by almost 25 % based on 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 because the complications of handling illicit money bring about higher tax revenues.
In addition to mapping out the prevention of 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 make sense, 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 analyze the financial stability of a country.
If current government trends continue, a cashless economy does seem on the rise. And while you can find certainly positive outcomes which might be obtained by going cashless not all is rosy however. The darker facet 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, especially when payments are made through internet sites and above all there’s an incalculable cost to your humanity. We’d lose our freedom to make decisions. It is easy to imagine a totalitarian regime using these tools to great harm. In Bitcoin Revolution Official , 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 can be subject to monitoring and will 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 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 best 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 with all of the arguments for a cashless society is that they are rational, and our attachment to cash is not. A cashless society is also a society where there is no longer any anonymity.
Philosopher and economist Adam Smith observed that people 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 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 each and every transaction we make could possibly be one of the biggest – 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 with regards to the protection of cash, since it not only improves cash circulation, but also the caliber of people’s life. The benefits of the DICE system can only be positive.While it would obviously connect with 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 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. Which is definitely a better option to a state-controlled digital cash system.
Ambitious as that could 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 point that we will always have a need for cash. Cash continues to be king and will stay in circulation for generations ahead – 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 planet of finance through an effective long-term protection strategy that maintains confidence in global currencies.