THE CONTINUING FUTURE OF Banknotes And Preventing A Cashless Economy
Could we be just one or two 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 may very well function as 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, 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 of 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 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 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 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 a digital security system to verify the banknote’s validity, a key feature is also the ability 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 also 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 contains 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 techniques 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 also the banks. Also it gives cash a fresh and indisputable reason to call home on.
Among a range of new development models there are numerous advantages of DICE. Firstly, counterfeiting of banknotes will be a thing of the past sufficient reason for the counterfeited value being greater than the production costs, counterfeiters would naturally have 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 for that reason 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). learn the knowledge of online game 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 bring about higher tax revenues.
Besides 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 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 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 along the way. Such data could be used to analyze the financial stability of a country.
If current government trends continue, a cashless economy does seem increasing. And while there are certainly positive outcomes that could be obtained by going cashless not all is rosy however. The darker facet of a cashless society, is one which few are debating or discussing, but is in fact the most pivotal with regards 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 make decisions. You can easily imagine a totalitarian regime using these tools to great harm. In the digital age, cash is directly confronted by 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 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 replacement with a panoply of more efficient means of exchange. To begin with, Wolman notes, that national identity is strongly tied to having a physical currency. Then there’s the ultimate benefit 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 move to means of exchange that 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. is also a society where there is no longer any anonymity.
Philosopher and economist Adam Smith observed that we are economic beings in the sense our essence as humans is due to our ability to make fair trades for the 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 in to 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 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 in terms of the protection of cash, since 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.Although it would obviously connect with the economy as a whole and to any place where money plays a significant 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 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 quite a while now with the need to get beyond cash having been recognized in several countries, there’s no escaping the fact 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 can also revolutionize the world of finance through an effective long-term protection strategy that maintains confidence in global currencies.
Could we be just one or two 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 may very well function as case. De Jori, a business analyst and finance critic by background and renowned Hamburg based economy scientist,…