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 could very well function as 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 cash security system Bitcoin Evolution Scam DICE, its first hybrid product that unifies artificial intelligence and the daily life, which 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 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 offers the first time in the annals of cash an insurmountable protection. Categorized as a semi-governmental Bitcoin Evolution Review 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 need for a financial system that protects money while upholding the highest degree of security and privacy. Contingent identifiable banknotes, preferably with Bitcoin Evolution 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 a digital security system to verify the banknote’s validity, a key 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 together with 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 additionally to save cash from vanishing since it is happening in Scandinavian countries. But because of the recent group 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 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 also the banks. And it gives cash a new and indisputable reason to call home on.
Among a variety of new development models there are lots of benefits 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 even with a limited use of DICE, the chance of a worthless robbery will be higher than the best gain. DICE also combats crime and as a result general cash-related crime will undoubtedly be reduced by almost a quarter based on the official crime statistics for Germany released by the police (5.96 million offenses in 2013). 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.
Along with mapping out the prevention of 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 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 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 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 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 actually the most pivotal in terms of 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 our humanity. We’d lose our freedom to create 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 could be subject to monitoring and may be regulated in ways that 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 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 ultimate good thing about 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 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 isn’t. A cashless society is also a society where there is absolutely no longer any anonymity.
Philosopher and economist Adam Smith observed that people are economic beings in the sense that our essence as humans stems from our capability to make fair trades for the 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, by and large, 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 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 when it comes to the protection of cash, because it not only improves cash circulation, but additionally the standard of people’s life. The advantages of the DICE system can only be positive.Although it would obviously apply to the economy all together and to anyplace where money plays an important role, however a lot would also change for private individuals. The technology is indeed far without any competition and in the long term, the ultimate point of arrival, of course, is that it is 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 quite a while now with the necessity to get beyond cash having been recognized in several countries, there’s no escaping the fact that we will will 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 may also revolutionize the world of finance via an effective long-term protection strategy that maintains confidence in global currencies.