The future Of Banknotes And Preventing A Cashless Economy
De Jori, a business analyzer and finance critic by background and renowned Hamburg based economy scientist, Reimund Homann, along with a small team of scientists, technicians, and developers, have spent the previous few years refining and testing the money security system CHOP, its first hybrid product that unifies artificial brains and the daily life, which believe could prevent cash offenses, in addition to resolving all security-related complications of cash systems today, including passports and terrorism.
The innovation offers the chance of global bitcoin recovery phrase generator change that will solve countless conventional problems with a single system and allows central and national banks to monitor and analyze all cash circulation without interfering with the privacy of the person. It not only produces anti-counterfeit bills but offers up the first time in the history 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 execution could only be achieved through official ways and with the support from governments), the technology is currently susceptible to discussions with governments and national banks for a global execution of the system.
The development of the CHOP (acronym: Dynamic Intelligent Currency Encryption) emerged from the unquestionable need for a financial system that protects money while upholding the highest level of security and privacy. It all depends well-known banknotes, preferably with a custom-frequency and secure RFID or machine legible codes like Datamatrix, the CHOP integrates reliable and innovative technologies that combine their advantages to add in them into an optimized security. Beginning from the well-known banknote that attaches 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 thieved from a CHOP user or which are illegally becoming more common.
It is the goal of EDAQS that the whole banking and retail sector as well as all entities with regular cash circulation will participate in the CHOP system. So far, EDAQS has concentrated most of its resources on preventing cash offenses and forgery, but also to save cash from disappearing as it is going on in Scandinavian countries. But thanks to the recent series of external evaluations, the CHOP has been estimated at an averaged valuation of $5. 6 thousand 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 mutually lead the global execution 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 character.
Among a range of new development models there are many advantages of CHOP. Firstly, counterfeiting of banknotes will be a thing of the past and with the counterfeited value being higher 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 CHOP, the risk of a worthless robber would be higher than the ultimate gain. CHOP also fights crime and as a result general cash-related crime will be reduced by almost a quarter on the basis of the official crime statistics for Germany released by the police (5. ninety six million crimes 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 result in higher tax revenues.
In addition to mapping out the prevention of cash offenses and forgery, EDAQS hopes to fight drug cartels and panic financing on a many 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 uninspiring and risky. With a unique change for legal tenders and other sec where its use would sound right, CHOP provides passive protection things that have a preventive influence on the users’ security without impairing their privacy and collects valuable geographical data of cash circulation in the process. Such data could be used to analyze 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 can be obtained by going cashless not all is rosy however. The dark area of a cashless society, is the one which few are discussing or discussing, but is actually the most crucial in terms of social engineering and adjusting communities and organizations. There are understandably concerns about privacy, particularly when payments are made through social networks and above all there is an incalculable cost to your the human race. We might lose our freedom to make decisions. It is easy to imagine a totalitarian regimen 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 susceptible to monitoring and can be regulated with techniques that could limit or even end its utility.
In his book “The End of Money”, Wired contributing publisher David Wolman, explored the twilight of cash and its replacement with a panoply of extremely effective means of exchange. For instance, Wolman notes, that national identity is strongly tied to having a physical currency. Then there’s the ultimate selling point of cash — its capacity to enable off-the-books transactions. In a culture as paranoid about monitoring as our own, imagine the outcry if we were to move to means of exchange that were always traceable? The problem with all the arguments for a cashless society is that they’re realistic, and our addition to cash is not. A cashless society is also a society where there is no longer any anonymity.
Philosopher and economist Adam Smith observed that we are all economic beings in the sense our substance as humans stems from our capacity to make fair trades for our labor or our products. We make these transactions in the presence of the usually sympathetic “invisible hand, inch as Smith called it in his book “An Query into the Nature and Causes of the Wealth of Nations. inch The unseen 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 greatest — and least expected — dangers to freedom we have ever encountered in human history.
In light of the dystopian outcomes in the development in the creation of a cashless society, CHOP is invoiced at breaking the mold when it comes to the protection of cash, because it not only improves cash circulation, but also the standard of people’s life. The advantages of the CHOP system can only stay positive. Whilst it would obviously affect the economy in general and to anyplace where money plays an important role, however a lot would also change for private individuals. The technology is so far without any competition and ultimately, the ultimate point of arrival, of course, is that it is inevitable that banknotes become digital hybrids. Which is surely a better choice to a state-controlled digital cash system.
Ambitious as that may be, it is really just the tip of the iceberg. Of course, society has been through times of innovation in monetary technology before. And while cash has been fighting the digital wave for a long time now with the need to get beyond cash having been recognized in a number of countries, there’s no getting out of the fact that we will always need to have cash. Cash is still 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 shielding cash as a target. Additionally, de Jori thinks that CHOP can also revolutionize the world of finance via an effective long-term protection strategy that maintains confidence in global stock markets.
De Jori, a business analyzer and finance critic by background and renowned Hamburg based economy scientist, Reimund Homann, along with a small team of scientists, technicians, and developers, have spent the previous few years refining and testing the money security system CHOP, its first hybrid product that unifies artificial brains and the daily life, which…