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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 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 money security system DICE, its first hybrid product that unifies artificial intelligence and the lifestyle, that they believe could prevent cash crimes, besides solving all security-related complications of cash systems today, including passports and terrorism.
The innovation offers the opportunity for global change that 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 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 happens to be 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 financial system that protects money while upholding the best 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. Beginning with technical analysis that connects to a digital security system to verify the banknote’s validity, an integral feature is also the opportunity to devaluate banknotes that may have been stolen from a DICE user or which are illegally circulating.
It’s the goal of EDAQS that the whole banking and retail sector and 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 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 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 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 issues 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 live on.
Among a range of new development models there are numerous 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 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 police (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.
Besides 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 chance for the amount of 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 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 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 one which few are debating or discussing, but is really the most pivotal regarding 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’s an incalculable cost to our humanity. We would 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 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 advantage of 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 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 can be a society where there is absolutely no longer any anonymity.
Philosopher and economist Adam Smith observed that we 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 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 every single transaction we make could possibly be one of the greatest – and least expected – threats to freedom we’ve 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 only improves cash circulation, but additionally the quality of people’s life. The advantages of the DICE system can only be positive.While it would obviously apply to the economy as a whole and to anyplace 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 best point of arrival, of course, is that it’s unavoidable that banknotes become digital hybrids. Which is definitely a better substitute for 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 experienced 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 will 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 may also revolutionize the world of finance via an effective long-term protection strategy that maintains confidence in global currencies.
