Could we be just one or two 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 business analyst and finance critic by background and renowned coinjoin.io 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, in addition to solving all security-related complications of cash systems today, including passports and terrorism.
The innovation offers the chance for global change that will solve countless conventional issues 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 public benefit and classified as a “Governmental Reformation Venture” (since an effective implementation could only be achieved through official ways sufficient reason for the support from governments), the technology is currently 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 need for a financial system that protects money while upholding the highest 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, an integral feature is also the opportunity to devaluate banknotes that may have already been stolen from a DICE user or which are illegally circulating.
It is the goal of EDAQS that the complete banking and retail sector and also all entities with regular cash circulation will participate in the DICE system.So far, 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 Bitcoin Evolution Review to 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. Within 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 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 new and indisputable reason to live on.
Among a variety of new development models there are several 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 have to undergo immeasurable efforts. Second, robberies can be less attractive and also with a limited usage of DICE, the risk of a worthless robbery will be higher than the ultimate gain. DICE also combats crime and for that reason general cash-related crime will undoubtedly be reduced by almost a quarter on the basis of 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 because 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 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 make sense, 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 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 aspect of a cashless society, is one which few are debating or discussing, but is actually the most pivotal when it comes 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 will be regulated in ways which could limit and 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 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 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 our essence as humans stems from our ability to make fair trades for our 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 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 every single transaction we make could possibly 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, since it not merely improves cash circulation, but additionally the standard of people’s life. The benefits 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 whole lot would also change for private individuals. The technology is so far without any competition and in the long term, the best point of arrival, needless to say, is that it is 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 experienced 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 point that we will will have a dependence on 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.