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 may 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 money security system DICE, its first hybrid product that unifies artificial intelligence and the daily life, that they believe could prevent cash crimes, besides solving all security-related complications of cash systems today, including passports and terrorism.

The innovation offers the opportunity for global change that 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 annals 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 and with the support from governments), the technology happens to be 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 financial system 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. 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 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 thanks to the recent group 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 take over the global implementation of the innovative and futuristic banknote system. Within 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 techniques 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 also the banks. Also it gives cash a new and indisputable reason to call home on.

Among a range of new development models there are numerous 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 even with a limited usage of DICE, the chance of a worthless robbery would be higher than the best 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 police (5.96 million offenses in 2013). The incidental registration of the banknotes would also make it easier for banks and companies to control 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 against 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 last 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 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 you can find certainly positive outcomes that can be obtained by going cashless not absolutely all is rosy however. Bitcoin Era Site of a cashless society, is one which few are debating or discussing, but is in fact the most pivotal with regard 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 would lose our freedom to make decisions. It is easy to 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 may 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 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 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 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 isn’t. A cashless society is also 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 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 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 be one of the biggest – and least expected – threats to freedom we’ve 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 when it comes to the protection of cash, because it not merely improves cash circulation, but also the quality of people’s life. The benefits of the DICE system can only just be positive.Although it would obviously connect with the economy all together 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 any competition and in the long run, the best point of arrival, of course, is that it’s unavoidable that banknotes become digital hybrids. That is definitely a better substitute for a state-controlled digital cash system.

Ambitious as that may be, it is really just the tip 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 need 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 remain in circulation for generations to come – 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 can also revolutionize the world of finance through an effective long-term protection strategy that maintains confidence in global currencies.