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 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 last few years perfecting and testing the money security system DICE, its first hybrid product that unifies artificial intelligence and the lifestyle, which they believe could prevent cash crimes, besides solving all security-related complications of cash systems today, including passports and terrorism.

The innovation offers the chance for global change that may 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 merely produces anti-counterfeit bills but offers 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 a highly effective implementation could only be achieved 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 economic climate that protects money while upholding the best 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. Starting from 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 already been stolen from a DICE user or which are illegally circulating.

It’s the goal of EDAQS that the complete banking and retail sector and also all entities with regular cash circulation will take part 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 happening 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 has 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 new company will generate 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 reason for the planned abolition of cash. DICE protects the citizen, the retailers and even the banks. Also it gives cash a fresh and indisputable reason to call home on.

Among a variety of new development models there are plenty of benefits of DICE. Firstly, counterfeiting of banknotes will be a thing of the past and with the counterfeited value being greater than the production costs, counterfeiters would naturally need 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 ultimate gain. DICE also combats crime and for that reason general cash-related crime will 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 manage cash as the complications of handling illicit money result in higher tax revenues.

As well as 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 chance for the 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 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 possibly be used to analyze 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 aspect of a cashless society, is the one that few are debating or discussing, but is actually the most pivotal with regards to social engineering and transforming communities and societies. There are understandably concerns about privacy, especially when payments are made through internet sites and above all there is an incalculable cost to your humanity. We’d lose our freedom to make 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 could be subject to monitoring and may be regulated in ways which 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. To begin with, Wolman notes, that national identity is strongly linked with having a physical currency. Then there’s the best advantage of cash – its ability to enable off-the-books transactions. In Bitcoin Era Site as paranoid about surveillance as our very own, imagine the outcry if we were to move to means of exchange that 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 economic beings in the sense that our essence as humans stems from 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 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’ve 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 when it comes to the protection of cash, because it not merely improves cash circulation, but also the standard of people’s life. The advantages of the DICE system can only just be positive.While it would obviously connect with 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 so far without the competition and in the long run, the best point of arrival, needless to say, is that it is unavoidable that banknotes become digital hybrids. That is definitely a better substitute for a state-controlled digital cash system.

Ambitious as which may be, it is really just the tip 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 necessity to get beyond cash having been recognized in a number of countries, there’s no escaping the truth that we will always have a dependence on cash. Cash continues to be 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.