THE CONTINUING FUTURE OF Banknotes And Preventing A Cashless Economy
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 function as 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 money security system DICE, its first hybrid product that unifies artificial intelligence and the daily life, 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 opportunity 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 merely produces anti-counterfeit bills but provides for 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 an effective implementation could only be performed 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 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 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 a digital security system to verify the banknote’s validity, a key feature is also the opportunity to devaluate banknotes that may have already been stolen from the DICE user or which are illegally circulating.
It’s 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 since it is going on 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 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. As part of 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 explanation of 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 live on.
Among a variety of new development models there are many benefits 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 have to undergo immeasurable efforts. Second, robberies can be less attractive and even with a limited use of DICE, the risk of a worthless robbery will be higher than the best 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 make it easier for banks and companies to control cash as the complications of handling illicit money bring about higher tax revenues.
Along with 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 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 that have a preventive influence on the users’ security without impairing their privacy and gathers valuable geographical data of cash circulation in the process. Such data could possibly be used to investigate 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 that can 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 really the most pivotal in terms of social engineering and transforming communities and societies. You can find understandably concerns about privacy, especially when payments are made through internet sites and above all there is an incalculable cost to your humanity. We would 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 can 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. To begin with, Wolman notes, that national identity is strongly linked with having a physical currency. Then there’s the ultimate 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 move to means of exchange which 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 absolutely no longer any anonymity.
Philosopher and economist Adam Smith observed that we are economic beings in the sense that our essence as humans is due to our ability to make fair trades for our 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 each and every transaction we make could be one of the greatest – 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 when it comes to the protection of cash, because it not merely improves cash circulation, but additionally the standard of people’s life. The benefits of the DICE system can only be positive.Although it would obviously connect with the economy as a whole 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 run, the ultimate point of arrival, needless to say, is that it’s unavoidable that banknotes become digital hybrids. That is definitely a better substitute for a state-controlled digital cash system.
Ambitious as that could be, it is really just the end of the iceberg. Of course, society has experienced times of innovation in monetary technology before. And while cash has been fighting the digital tide for quite a while now with the necessity to get beyond cash having been recognized in a number of countries, there’s no escaping the fact that we will always have a need for cash. Cash is still king and will stay in circulation for generations ahead – for consumers and businesses. Hence, Bitcoin Era Site ‘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.