The Future Of Banknotes And Preventing A Cashless Economy

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 may very well function as case.

De Jori, a 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 last few years perfecting and testing the cash security system DICE, its first hybrid product that unifies artificial intelligence and the daily life, 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 chance for global change which will solve countless conventional problems 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 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 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 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 advantages 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 already been stolen from the DICE user or which are illegally circulating.

It is the goal of EDAQS that the complete banking and retail sector together with all entities with regular cash circulation will take part in the DICE system.Up to now, 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 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. As part of 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 explanation of the planned abolition of cash. DICE protects the citizen, the retailers and even the banks. Also it gives cash a new and indisputable reason to live on.

Among a range of new development models there are many 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, robberies will become less attractive and even with a limited usage of DICE, the chance of a worthless robbery would be higher than the ultimate gain. DICE also combats crime and as a result general cash-related crime will 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 because the complications of handling illicit money result in 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 Bitcoin Evolution Scam drug cartels to Mafia organizations, the ever-present possibility of the money being devalued later and the potential of determining the final retailer scanned position makes cash uninteresting and risky. With a profound changeĀ  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 in the process. Such data could 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 which might be obtained by going cashless not all is rosy however. The darker facet of a cashless society, is the one that Bitcoin Evolution few are debating or discussing, but is in fact 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 may be regulated in ways that could limit as well as 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 better means of exchange. For one thing, Wolman notes, that national identity is strongly tied to having a physical currency. Then there’s the ultimate advantage 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? Bitcoin Evolution Review with all of the 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 no longer any anonymity.

Philosopher and economist Adam Smith observed that people are economic beings in the sense that our essence as humans is due to our capability 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 into 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 each and every transaction we make could be one of the biggest – 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 with regards to the protection of cash, since it not only improves cash circulation, but additionally the caliber of people’s life. The advantages of the DICE system can only 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. The technology is indeed far without any competition and in the long term, the best point of arrival, needless to say, 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. 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 need 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 is still 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 may also revolutionize the world of finance through an effective long-term protection strategy that maintains confidence in global currencies.

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