To be able to figure out where all the banknotes all over the world are located at all times and to be able to void them from a distance in case they have been stolen. The German-Austrian enterprise EDAQS counts on RFID chips when it comes to the security of the worldwide monetary system.
Is it an update for our monetary system?
To increase the international currency security there should be an RFID chip placed in every banknote. EDAQS developed a special identification system for their plans. In their so called "Dice-Cloud" every banknote with a RFID chip is registered and gets an identification number. When one of the notes is paid with or used at an ATM machine, RFID scan systems at cashiers and ATMs capture these registered banknotes. A central system then should be able to locate the banknotes, the time that they have been used and especially for what they have been used. According to the system-developer this makes it easier to expose and trail illegal monetary transactions.
Equally the forgery of banknotes with RFID integrated chips should be extremely difficult. One of the biggest advantages according to the developer is the fact that the banknotes can be void from a distance in case they have been stolen.
To establish their new RFID monetary system, EDAQS hopes for the support of tinternational politics, with whom they are intensively meeting since last year.