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 which could very well function as 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, along with 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 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 provides for the first time in the annals 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 and with 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, a key 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 and also 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 also to save cash from vanishing as it is happening 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 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 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 even the banks. And it gives cash a fresh and indisputable reason to call home on.
Among a range of new development models there are several benefits of DICE. Firstly, counterfeiting of banknotes will be a thing of the past sufficient reason for the counterfeited value being higher than the production costs, counterfeiters would naturally have to undergo immeasurable efforts. Second, robberies 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 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.
As well as 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 against the financing of terrorism. From drug cartels to Mafia organizations, the ever-present chance for 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 seem sensible, DICE provides passive protection mechanisms that have a preventive effect on the users’ security without impairing their privacy and gathers valuable geographical data of cash circulation in the process. Such data could be used to analyze 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 that can be obtained by going cashless not absolutely all is rosy however. The darker aspect of a cashless society, is one which few are debating or discussing, but is really the most pivotal in terms of 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’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 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 may be regulated in ways that 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. To begin with, Wolman notes, that national identity is strongly tied to having a physical currency. Then there’s the best advantage of cash – its capability 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 which were always traceable? The problem challenging arguments for a cashless society is that they’re rational, and our attachment to cash isn’t. A cashless society can be 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 capability 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 in to 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 be one of the greatest – and least expected – threats to freedom we have 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 merely improves cash circulation, but additionally the standard of people’s life. The advantages of the DICE system can only just be positive.While it would obviously apply to the economy all together and to anyplace where money plays an important role, however a whole lot would also change for private individuals. worldoftechnicalanalysis.com is indeed far without the competition and in the long term, the ultimate point of arrival, needless to say, is that it is unavoidable that banknotes become digital hybrids. Which is definitely a better substitute for 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 quite a while 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 dependence on cash. Cash is still king and will remain 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.