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 be the 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 previous few years perfecting and testing the cash security system DICE, its first hybrid product that unifies artificial intelligence and the lifestyle, that 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 chance for global change which will 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 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 a highly effective implementation could only be achieved through official ways and with the support from governments), the technology happens to be at the mercy of negotiations with governments and national banks for a worldwide implementation of the system.
The development of the DICE (acronym: Dynamic Intelligent Currency Encryption) emerged from the unquestionable need for 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 benefits 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, 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 is the goal of EDAQS that the complete banking and retail sector in addition to all entities with regular cash circulation will participate in the DICE system.Up to now, EDAQS has concentrated the majority 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 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 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 create two strong market leaders with distinct brands, partners, operating characteristics and industry dynamics.
DICE combines several technologies and intelligent ways 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 even the banks. Also it gives cash a new and indisputable reason to call home on.
Among technical analysis of new development models there are plenty of 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 need to undergo immeasurable efforts. Second, robberies will become less attractive and also with a limited usage of DICE, the risk of a worthless robbery will be higher than the best gain. DICE also combats crime and for that reason general cash-related crime will 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 ensure it is easier for banks and companies to control cash because 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 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 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 along with 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 along the way. 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 you can find certainly positive outcomes that may be obtained by going cashless not absolutely all is rosy however. The darker aspect of a cashless society, is the one that few are debating or discussing, but is really the most pivotal when it comes to social engineering and transforming communities and societies. You can find understandably concerns about privacy, particularly when payments are made through internet sites and above all there is an incalculable cost to your humanity. We’d 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 could be subject to monitoring and will be regulated in ways that 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 replacement with a panoply of better means of exchange. To begin with, Wolman notes, that national identity is strongly tied to having a physical currency. Then there’s the best benefit 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 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 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 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 in to 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 every single 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, because it not merely improves cash circulation, but additionally the caliber of people’s life. The advantages of the DICE system can only just be positive.While it would obviously apply to 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 so far without any competition and in the long term, the ultimate 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 could be, it is really just the tip 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 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 world of finance via an effective long-term protection strategy that maintains confidence in global currencies.