The Future Of Banknotes And Preventing A Cashless Economy
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 Bitcoin Evolution Scam by background and renowned Hamburg based economy scientist, Reimund Homann,along with a small team of scientists, technicians, and developers, have spent the last few years perfecting and testing the money security system 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 of global change which will Bitcoin Evolution Review 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 annals of cash an insurmountable protection. Categorized as a semi-governmental project for the public benefit and classified as a “Governmental Reformation Venture” (since a highly 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 global implementation of the system.
The development of the DICE (acronym: Dynamic Intelligent Bitcoin Evolution Currency Encryption) emerged from the unquestionable need for a economic climate 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 benefits to incorporate them into an optimized security. Starting from the identifiable banknote that connects to an electronic 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 a DICE user or which are illegally circulating.
It is the goal of EDAQS that the whole banking and retail sector as well as all entities with regular cash circulation will take part in the DICE system.So far, EDAQS has concentrated most of its resources on preventing cash crimes and forgery, but also to save cash from vanishing as it is going on in Scandinavian countries. But thanks to 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 brand 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 explanation of 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 various advantages of DICE. Firstly, counterfeiting of banknotes is a thing of the past sufficient reason for the counterfeited value being higher than the production costs, counterfeiters would naturally have to undergo immeasurable efforts. Second, robberies will become less attractive and also with a limited usage of DICE, the chance of a worthless robbery will be higher than the ultimate 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 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.
Besides 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 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 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 investigate 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 may be obtained by going cashless not absolutely all is rosy however. The darker facet of a cashless society, is the one that few are debating or discussing, but is really the most pivotal regarding 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 our humanity. We would 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 faced with 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 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. For , Wolman notes, that national identity is strongly linked with having a physical currency. Then there’s the ultimate good thing about cash – its capability to enable off-the-books transactions. In a culture as paranoid about surveillance as our very own, imagine the outcry if we were to go to means of exchange that were always traceable? The problem challenging 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 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 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 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 each and every transaction we make could possibly be one of the greatest – and least expected – threats to freedom we have 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, because it not only improves cash circulation, but additionally the caliber 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 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 run, the best point of arrival, needless to say, 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 which may be, it is really just the end of the iceberg. Needless to say, 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 necessity to get beyond cash having been recognized in several countries, there’s no escaping the point that we will will have a dependence on cash. Cash is still king and will remain in circulation for generations ahead – 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 planet of finance via an effective long-term protection strategy that maintains confidence in global currencies.