The 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 which could very well be the case.

De Jori, a small business analyst and finance critic by background and renowned Hamburg based economy scientist, Reimund Homann,along with a small Bitcoin Evolution 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, 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 Bitcoin Evolution Scam  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 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 subject to negotiations with governments and national banks for a worldwide implementation of the system.

Bitcoin Evolution Review of the DICE (acronym: Dynamic Intelligent Currency Encryption) emerged from the unquestionable need for 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 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 a DICE user or which are illegally circulating.

It is the goal of EDAQS that the whole banking and retail sector and also all entities with regular cash circulation will take part in the DICE system.So far, EDAQS has concentrated the majority of its resources on preventing cash crimes and forgery, but also to save cash from vanishing as 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 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 dominate the global implementation of the innovative and futuristic banknote system. Within 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 problems that governments claim to be the reason for the planned abolition of cash. DICE protects the citizen, the retailers and even the banks. Also it gives cash a fresh and indisputable reason to live on.

Among a range of new development models there are lots of benefits 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 need 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 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 make it easier for banks and companies to control cash as the complications of handling illicit money bring about higher tax revenues.

Along with 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 final retailer scanned position makes cash uninteresting and risky. With a profound change for legal tenders and 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 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 could be obtained by going cashless not absolutely 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 when it comes to 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’s an incalculable cost to our 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 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 can 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 more efficient means of exchange. For one thing, 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 move 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 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 our essence as humans stems from our capability 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 in to the Nature and Causes of 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 possibly be one of the biggest – 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, since it not merely improves cash circulation, but additionally the quality of people’s life. The benefits 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 whole lot would also change for private individuals. The technology is so far without any competition and in the long term, the ultimate point of arrival, needless to say, is that it is unavoidable that banknotes become digital hybrids. Which 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. Needless to say, society has been through 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 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 can also revolutionize the planet of finance through an effective long-term protection strategy that maintains confidence in global currencies.

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