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 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 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, along with 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 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 general 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 happens to be subject to 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 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 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 ability to devaluate banknotes that may have already been stolen from the DICE user or which are illegally circulating.

It’s the goal of EDAQS that the whole banking and retail sector and all entities with regular cash circulation will participate in the DICE system.Up to now, EDAQS has concentrated most 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 has 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 take over 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 issues 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 fresh and indisputable reason to call home on.

Among a range of new development models there are many 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 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 as a result 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). The incidental registration of the banknotes would also make it easier for banks and companies to manage cash as the complications of handling illicit money bring about higher tax revenues.

In addition to 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 possibility of the amount of money being devalued later and the potential of determining the last retailer scanned position makes cash uninteresting and risky. With Bitcoin Era Official for legal tenders along with other securities where its use would seem sensible, 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 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 that may be obtained by going cashless not all is rosy however. The darker facet of a cashless society, is the one that few are debating or discussing, but is in fact 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 social networks and above all there’s an incalculable cost to our 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 confronted by technological progress with crypto-currencies like Bitcoin and contact-less payment methods like Apple Pay, Google Wallet or QuickPay. However such technologies can be subject to monitoring and will be regulated in ways which could limit or 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 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 good thing about cash – its capability to enable off-the-books transactions. In a culture as paranoid about surveillance as our own, imagine the outcry if we were to go to means of exchange which were always traceable? The problem with all of the arguments for a cashless society is that they’re 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 economic beings in the sense that 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 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, by and large, fosters our freedom. A “visible hand” monitoring every single transaction we make could be one of the greatest – 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 only improves cash circulation, but also the quality of people’s life. The benefits of the DICE system can only just be positive.While it would obviously connect with 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 indeed far without any competition and in the long run, the ultimate point of arrival, needless to say, is that it is 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 end of the iceberg. Of course, society has experienced times of innovation in monetary technology before. Even though cash has been fighting the digital tide for some time now with the necessity to get beyond cash having been recognized in several countries, there’s no escaping the truth that we will always have a dependence on cash. Cash continues to be king and will stay in circulation for generations ahead – for consumers and businesses. Hence, it’s never too late for businesses to protect themselves by safeguarding cash as a target. Additionally, de Jori thinks that DICE may also revolutionize the planet of finance through an effective long-term protection strategy that maintains confidence in global currencies.

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