Could we be just a few years 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,plus 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, 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 for global change which will solve countless conventional issues with one single system and would allow 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 public benefit and classified as a “Governmental Reformation Venture” (since an effective implementation could only be performed through official ways sufficient reason for the support from governments), the technology happens to be subject to 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 need for a financial system that protects money while upholding the highest 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. Beginning with 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 a DICE user or which are illegally circulating.
It is the goal of EDAQS that the whole banking and retail sector in addition to all entities with regular cash circulation will take part in the DICE system.So far, EDAQS has concentrated the majority of its resources on preventing cash crimes and forgery, but additionally to save cash from vanishing since it is going on 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 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. 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 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. Also it gives cash a new and indisputable reason to live on.
Among a variety of new development models there are lots of advantages of DICE. Firstly, counterfeiting of banknotes will be a thing of the past and with the counterfeited value being higher than the production costs, counterfeiters would naturally have to undergo immeasurable efforts. Second, robberies can be 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 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 control cash as the complications of handling illicit money bring about 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 the financing of terrorism. From drug cartels to Mafia organizations, the ever-present possibility of 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 make sense, 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 analyze 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 can 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 actually the most pivotal with regard to social engineering and transforming communities and societies. There are understandably concerns about privacy, particularly when payments are made through social networks and above all there is an incalculable cost to your humanity. We’d 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 could be subject to monitoring and can be regulated in ways that could limit or 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 best good thing about cash – its ability 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 challenging arguments for a cashless society is that they are rational, and our attachment to cash isn’t. 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 that our essence as humans stems from our ability to make fair trades for the labor or our products. We make these transactions in the current presence of the usually benevolent “invisible hand,” as Smith called it in his book “An Inquiry into the Nature and Causes of 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 human history.
In Bitcoin Era Review 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 merely improves cash circulation, but additionally the standard 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 a significant role, however a lot would also change for private individuals. The technology is indeed far without the competition and in the long term, the ultimate 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 end 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 several countries, there’s no escaping the point that we will will 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 protect 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.