THE CONTINUING 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 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,along with 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 daily life, that they believe could prevent cash crimes, as well as solving all security-related complications of cash systems today, including passports and terrorism.

The innovation offers the chance of 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 provides for the first time in the history of cash an insurmountable protection. Categorized as a semi-governmental project for the 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 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 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 benefits to incorporate them into an optimized security. Beginning with 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 a DICE user or which are illegally circulating.

It’s the goal of EDAQS that the complete banking and retail sector together with 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 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 contains 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 reason for the planned abolition of cash. DICE protects the citizen, the retailers and even the banks. And it gives cash a new and indisputable reason to live on.

Among a range of new development models there are various advantages 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 need to undergo immeasurable efforts. Second, robberies will become less attractive and also with a limited use 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 a quarter 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 make it easier for banks and companies to control cash because the complications of handling illicit money result in 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. Bitcoin Revolution Review 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 and other securities where its use would make sense, 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 possibly 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 there are certainly positive outcomes which might be obtained by going cashless not absolutely all is rosy however. The darker facet of a cashless society, is the one that few are debating or discussing, but is actually the most pivotal regarding social engineering and transforming communities and societies. You can find understandably concerns about privacy, especially when payments are made through social networks and above all there is an incalculable cost to your humanity. We would 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 can be regulated in ways which could limit and even 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 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 that were always traceable? The problem challenging 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 people are economic beings in the sense our essence as humans is due to 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 Causes of 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 have 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 with regards to the protection of cash, because it not merely improves cash circulation, but also the caliber 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 an important role, however a whole lot would also change for private individuals. The technology is so far without the competition and in the long term, the best point of arrival, of course, is that it’s unavoidable that banknotes become digital hybrids. Which is definitely a better option to 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 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 need for cash. Cash continues to be king and will stay in circulation for generations to come – 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 planet of finance via an effective long-term protection strategy that maintains confidence in global currencies.