"The main objective is to determine the authenticity of money and to stop counterfeits," said Prianka Chopra, an analyst with market research firm Frost and Sullivan in report published in March. "RFID (Radio Frequency Identification) tags also have the ability of recording information such as details of the transactions the paper note has been involved in. It would, therefore, also prevent money-laundering, make it possible to track illegal transactions and even prevent kidnappers demanding unmarked bills," Chopra said.
Talking Euros for blind people and confused octogenarians: "No dear, I'm a fifty. Put me back in your purse and look for a five."
The curious thing about this particular item is that it is not so far from one real application of RFID currency: automatic currency counting in banks and other commercial establishments. In fact, a blind person could pass a hand-held device which has an embedded speaker over a note to have the note tell the person the denomination of the note.
Paper currency probably has a limited lifespan because counterfeiters will eventually figure out how to duplicate anything. It might well be the case that in 20 or 30 years physical unnetworked currency will be too easy to duplicate using nanotechnology for it to continue to be a safe store of financial value.
|Share |||Randall Parker, 2003 May 26 11:18 AM Surveillance Society|