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 which 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,along with a small team of Bitcoin Evolution Scam scientists, technicians, and developers, have spent the previous few years perfecting and testing the cash 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 chance for global change which will solve countless conventional issues with one single system and would allow central and national banks to supervise Bitcoin Evolution Review 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 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 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 economic climate that protects money while  Bitcoin Evolution 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 benefits 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 ability to devaluate banknotes that may have been stolen from a 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.So far, 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 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 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 create two strong market leaders with distinct brands, partners, operating characteristics and industry dynamics.

DICE combines several technologies and intelligent ways 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 even 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 advantages 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 can be less attractive and also with a limited use 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 25 % 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 ensure it is easier for banks and companies to manage cash because the complications of handling illicit money bring about higher tax revenues.

In addition to mapping out the prevention of 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 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 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 effect 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 analyze the financial stability of a country.

If current government trends continue, a cashless economy does seem increasing. And while there are certainly positive outcomes which might 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 regarding 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 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 could be subject to monitoring and may be regulated in ways that could limit or even end its utility.

In his book “THE FINISH of Money”, Wired contributing editor David Wolman, explored the twilight of cash and its replacement with a panoply of better means of exchange. To begin with, that national identity is strongly tied to having a physical currency. Then there’s the ultimate benefit 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 go 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 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 ability to make fair trades for our 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 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 be one of the greatest – 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 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 connect with the economy as a whole 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 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 could be, it is really just the end of the iceberg. Of course, society has been through times of innovation in monetary technology before. And while cash has been fighting the digital tide for some time now with the need to get beyond cash having been recognized in a number of countries, there’s no escaping the point that we will will have a need for 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 may also revolutionize the planet of finance through an effective long-term protection strategy that maintains confidence in global currencies.

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