RFID technology embedded in banknotes and other items could mean the end of anonymous cash transactions and personal anonymity. Governments and banks want to track all monetary transactions to combat crimes like money laundering and tax evasion. However, critics argue this level of monitoring infringes on personal privacy and freedom. RFID allows authorities to uniquely identify each banknote and item, recording a complete history of all monetary transfers and purchases. This could give governments power to instantly tax citizens or cancel the value of their cash. While proponents claim benefits to security, opponents view it as a threat to individual liberty.
Using a team of "money mules", cyber attackers stole over $44,000 from the bank account of MedLink, a healthcare provider in Georgia. The money was sent to the attackers' own banks and then wired to organized crime groups in Eastern Europe. While some funds were recovered, $15,000 were not accounted for. The incident highlights how even small healthcare providers can be targets of cybercrime when employees lack security awareness training.
Myths & misunderstandings about human traffickingStopTrafficking
This document seeks to dispel common myths and misconceptions about human trafficking. It discusses 10 prevalent myths, such as human trafficking only involving foreign nationals or requiring physical restraint. For each myth, it provides the reality, highlighting that trafficking can include U.S. citizens and occur through psychological coercion without physical force. It also notes that victims may not immediately self-identify and can come from varied backgrounds, as trafficking involves both sex and labor exploitation that can happen in legal industries through force, fraud or coercion.
Blockchain: Understanding the blockchain and its impact on financial services...ArabNet ME
Blockchain technology is having a major impact on financial services. It provides a distributed ledger that allows for peer-to-peer transactions without an intermediary through distributed consensus protocols. This has given rise to cryptocurrencies like Bitcoin and applications like smart contracts on Ethereum that can automate transactions and agreements. Financial institutions are now exploring how blockchain can transform areas like payments, identity management, asset custody, and capital markets.
Modern technologies can help to prevent violent high-volume cash crimes that affect neighborhoods where people live, play and work. Specifically, the document discusses how Intelligent Banknote Neutralization Systems (IBNS) can permanently mark cash as stolen through the use of security ink if an attempted theft is detected. This removes the anticipated reward from crimes like armed robbery or ATM attacks by invalidating the stolen cash. IBNS aim to deter such crimes by maximizing the risk and minimizing the potential reward for criminals.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Purpose – Sometimes consumers express their enthusiasm for a brand by creating brand extensions, products or services in new categories that are closely affiliated with the “parent” brand. This paper aims to examine the positive or negative impact that consumer-generated brand extensions (CGBEs) can have on brand image and revenue, and the options that companies have available to deal with them. Design/methodology/approach – The paper presents a case study of the collectible strategy card game – Magic: The Gathering – and discusses how the company responded to five different brand extensions that were created by players. This case study was used to develop a framework that allows managers to evaluate CGBEs based on their benefits and risks and to select an appropriate response.
Findings – Four possible responses were identified: challenge, criticize, commend and catalyze. Which of these responses is appropriate for companies depends on whether the CGBE has a positive or negative impact on the brand image and revenue and whether this impact is large enough to merit an active response.
Originality/value – This study shows that it is essential for managers to understand how to evaluate CGBEs. Managed properly, they can improve product usage, help generate new customers and have a positive impact on revenue and brand image. However, CGBEs can also have a negative effect, in particular if they are substitutes for the original product.
Wearing safe: Physical and informational security in the age of the wearable ...Simon Fraser University
Wearable computing devices promise to deliver countless benefits to users. Moreover, they are among the most personal and unique computing devices of all, more so than laptops and tablets and even more so than smartphones. However, this uniqueness also brings with it a risk of security issues not encountered previously in information systems: the potential to not only compromise data, but also to physically harm the wearer. This article considers wearable device security from three perspectives: whether the threat is to the device and/or the individual, the role that the wearable device plays, and how holistic wearable device security strategies can be developed and monitored.
The gastronomy of Majorca is based on a diet that combines local seafood with fresh vegetables and fruit. Majorcan cuisine has been influenced by Mediterranean ingredients introduced by Romans such as olive oil, grapes, and wheat. A specialty of Majorca is panades, a pastry traditionally made at Easter that unites friends and family and whose exact origins are unknown.
Using a team of "money mules", cyber attackers stole over $44,000 from the bank account of MedLink, a healthcare provider in Georgia. The money was sent to the attackers' own banks and then wired to organized crime groups in Eastern Europe. While some funds were recovered, $15,000 were not accounted for. The incident highlights how even small healthcare providers can be targets of cybercrime when employees lack security awareness training.
Myths & misunderstandings about human traffickingStopTrafficking
This document seeks to dispel common myths and misconceptions about human trafficking. It discusses 10 prevalent myths, such as human trafficking only involving foreign nationals or requiring physical restraint. For each myth, it provides the reality, highlighting that trafficking can include U.S. citizens and occur through psychological coercion without physical force. It also notes that victims may not immediately self-identify and can come from varied backgrounds, as trafficking involves both sex and labor exploitation that can happen in legal industries through force, fraud or coercion.
Blockchain: Understanding the blockchain and its impact on financial services...ArabNet ME
Blockchain technology is having a major impact on financial services. It provides a distributed ledger that allows for peer-to-peer transactions without an intermediary through distributed consensus protocols. This has given rise to cryptocurrencies like Bitcoin and applications like smart contracts on Ethereum that can automate transactions and agreements. Financial institutions are now exploring how blockchain can transform areas like payments, identity management, asset custody, and capital markets.
Modern technologies can help to prevent violent high-volume cash crimes that affect neighborhoods where people live, play and work. Specifically, the document discusses how Intelligent Banknote Neutralization Systems (IBNS) can permanently mark cash as stolen through the use of security ink if an attempted theft is detected. This removes the anticipated reward from crimes like armed robbery or ATM attacks by invalidating the stolen cash. IBNS aim to deter such crimes by maximizing the risk and minimizing the potential reward for criminals.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Purpose – Sometimes consumers express their enthusiasm for a brand by creating brand extensions, products or services in new categories that are closely affiliated with the “parent” brand. This paper aims to examine the positive or negative impact that consumer-generated brand extensions (CGBEs) can have on brand image and revenue, and the options that companies have available to deal with them. Design/methodology/approach – The paper presents a case study of the collectible strategy card game – Magic: The Gathering – and discusses how the company responded to five different brand extensions that were created by players. This case study was used to develop a framework that allows managers to evaluate CGBEs based on their benefits and risks and to select an appropriate response.
Findings – Four possible responses were identified: challenge, criticize, commend and catalyze. Which of these responses is appropriate for companies depends on whether the CGBE has a positive or negative impact on the brand image and revenue and whether this impact is large enough to merit an active response.
Originality/value – This study shows that it is essential for managers to understand how to evaluate CGBEs. Managed properly, they can improve product usage, help generate new customers and have a positive impact on revenue and brand image. However, CGBEs can also have a negative effect, in particular if they are substitutes for the original product.
Wearing safe: Physical and informational security in the age of the wearable ...Simon Fraser University
Wearable computing devices promise to deliver countless benefits to users. Moreover, they are among the most personal and unique computing devices of all, more so than laptops and tablets and even more so than smartphones. However, this uniqueness also brings with it a risk of security issues not encountered previously in information systems: the potential to not only compromise data, but also to physically harm the wearer. This article considers wearable device security from three perspectives: whether the threat is to the device and/or the individual, the role that the wearable device plays, and how holistic wearable device security strategies can be developed and monitored.
The gastronomy of Majorca is based on a diet that combines local seafood with fresh vegetables and fruit. Majorcan cuisine has been influenced by Mediterranean ingredients introduced by Romans such as olive oil, grapes, and wheat. A specialty of Majorca is panades, a pastry traditionally made at Easter that unites friends and family and whose exact origins are unknown.
Digital Cash and Monetary Freedom - Libertarian Alliance (Economic Notes 63)Jon Matonis
Much has been published recently about the awesome promises of electronic commerce and trade on the Internet if only a reliable, secure mechanism for value exchange could be developed. This paper describes the differences between mere encrypted credit card schemes
and true digital cash, which presents a revolutionary opportunity to transform payments. The nine key elements
of an electronic, digital cash are outlined and a tenth element is proposed which would embody digital cash with a non- political unit of value.
Madrid - Digital Currency Summit 2015-04-23Juan Llanos
My most provocative presentation so far. I argue that the current policy goal priority of national security, tax compliance and financial crime prevention, as well as the current identity paradigm (government-issued) are factors that contribute to financial exclusion and hamper innovation. I focus on the challenges to our mental models created by the advent of Bitcoin and cryptocurrencies, and innovation opportunities in AML/CFT, privacy, identity, data analysis and security. Finally, I present my three Is theory of "Responsible Evolution" as a viable strategy for entrepreneurs to make their projects viable.
Cryptocurrency-recommended coins and purposeswatt promj
The document provides an overview and recommendations for four cryptocurrencies - Bitcoin, Ethereum, Cardano, and Polygon. It discusses the purpose and value of each coin, including Bitcoin's role as the first decentralized currency, Ethereum's support of smart contracts and applications like DeFi and NFTs, Cardano's goal of an environmentally-friendly blockchain, and Polygon's focus on scalability and interoperability. The document argues that while Bitcoin was first, Ethereum offers the most potential for growth due to the popularity of platforms it enables. It recommends having a diversified portfolio that includes Ethereum for its long-term upside potential.
This document provides recommendations for two cryptocurrencies to hold for long-term profits: Bitcoin (BTC) and Ethereum (ETH). BTC is described as the first decentralized digital currency that is not controlled by any single authority and has a fixed supply, giving it value as a hedge against inflation. ETH is highlighted for its use of smart contracts that enable decentralized applications like decentralized finance (DeFi) and non-fungible tokens (NFTs), both of which have grown dramatically in popularity in 2021 and rely on the Ethereum blockchain. ETH is seen as particularly well-suited for innovations in digital contracts and assets.
How to make money with cryptocurrency in 2022.pdfNerajKumar2
The document provides recommendations for 4 cryptocurrency coins to hold for long-term profits:
1) Bitcoin (BTC) - The original cryptocurrency that is decentralized, borderless, and not controlled by any authority.
2) Ethereum (ETH) - Allows for smart contracts and decentralized applications, fueling growth in decentralized finance (DeFi) and non-fungible tokens (NFTs).
3) Cardano (ADA) - Aims to be a more sustainable blockchain than Ethereum using a proof-of-stake system and allowing new crypto tokens and applications.
4) Polygon (MATIC) - Seeks to address Ethereum's scalability issues and provides frameworks for interconnected blockchain networks.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
This document discusses security challenges facing family offices with regards to privacy, cyber threats, and cryptocurrencies. It notes that family offices are targets due to governments seeking revenue, opaque sources of wealth, and lack of security resources. It outlines how family offices can be covertly targeted through social engineering, hacking, and malware. The document then focuses on challenges of cryptocurrencies like bitcoin, including lack of regulation, anonymity enabling money laundering, and risk of government intervention. It provides background on bitcoin and key terms. Finally, it advises family offices on protecting themselves through principles-based governance and practicing offensive cybersecurity tactics.
The distributed ledger technology that started with bitcoin is rapidly becoming a crowdsourced system for all types of verification. Could it replace notary publics, manual vote recounts, and the way banks manage transactions?
Combating money laundering & terror financing case of nigeria- adv. chitengi...cjnsipho
This document discusses money laundering from a legal perspective. It begins by outlining the role of central banks and commercial banks in combating money laundering as possible intermediaries in the laundering process or effective points of curbing the issue. It then provides definitions of money laundering from legal and UN perspectives. The document also examines the historical development of money laundering, techniques used, participants involved, and controversies around criminalizing the offense.
4 REASONS WHY YOUR NATION WILL KILL CASH FOR A DIGITAL CURRENCYSteven Rhyner
Yes, I'm {talking to|speaking with|speaking to|talking with} you. Yes, I'm {talking about|discussing|speaking about} your {country|nation}, whether it is Russia, China, or the United States. The {more|even more} {modern|contemporary|modern-day} {and|as well as|and also} {advanced|sophisticated|innovative} your {economy|economic climate|economic situation}, the {faster|quicker|much faster} it is coming your {way|method|means}
This document summarizes a white paper on cyber crime within the South African government. It discusses the growing problem of identity theft and hacking within government systems. It outlines the Cool Frog Cyber Project, which was authorized to target and disrupt international crime syndicates hijacking identities to enable financial crimes. The project profiled 4 linked syndicates, analyzed threats, and achieved several arrests and convictions. It discusses investigative methods like searches, hardware key loggers, and working with partners like law enforcement. The document recommends improving security measures, vetting, and training to better address cyber crimes within government.
Step by Step Guide to Make, Buy, Sell, Trade, and Invest in NFT, How to Become Rich in Your Teens by Investing in Bitcoin, Meme Coins, ICOs, NFTs, and Become A Successful Crypto Influencer.
Electronic and digital currencies like bitcoin provide a new way to transfer money globally with very low fees. While they currently lack regulations, cryptocurrencies allow migrant workers to send money home more cheaply than traditional money transfer services. The decentralized nature of cryptocurrency networks also enables peer-to-peer transactions without centralized control. However, cryptocurrencies are still in their early stages and face challenges around their status as legal tender and how they should be classified for tax and regulatory purposes.
Cash is more than a method of payment. It is a fundamental tool for individual privacy and autonomy, and it is necessary for an open society. This paper shows that a cashless economy is a surveillance economy. It also argues that removing the option to freely transact without intermediation greatly limits our economic self-determination, placing our economic lives in the hands of financial institutions and governments. This paper presents several case studies demonstrating the dangers of a completely intermediated payments system and concludes that electronic cash is a tool that should not only be tolerated, but fostered and celebrated.
LEOcoin is a new cryptocurrency that aims to be anonymous, secure, and user-friendly. It has several key advantages over other cryptocurrencies like Bitcoin, including true anonymity through advanced encryption, resistance to ASIC mining monopolization, and a hybrid proof-of-work and proof-of-stake system to reduce risks of attacks. LEOcoin transactions are very low cost, can be done globally very quickly, and require no specialized knowledge to use. The founders believe LEOcoin has the potential to become a leading global digital currency for entrepreneurs and individuals.
1) The document discusses the limitations of fiat currencies like government control and lack of transparency, and introduces cryptocurrencies like Bitcoin as a potential solution.
2) Bitcoin was created in 2009 as a decentralized digital currency that operates via a public ledger called the blockchain. It has gained popularity as an alternative to fiat that is easier to transfer globally.
3) The document argues that Bitcoin could serve as a seamless global currency independent of governments as its adoption increases among merchants worldwide.
Download the full report now: http://bit.ly/1QD3aDm
Imagine a future where you don’t have to think about money. Got it? Well you’re probably thinking about it the wrong way. Because today, right now, money isn’t real.
That bill you can hold in your hand is simply a representation of a transaction about to take place, completely dependent upon our belief that it has a value. We believe wholeheartedly that a piece of paper can be exchanged for a cup of coffee or a microwave oven. But, when we strip away our dependence on this concept of “money”, and the physicality of its exchange, what remains in the pure transaction. A transaction of value.
This report unpacks how our very concept of money is evolving, and describes how the system designed to manage its movement is ripe for disruption. This shift will create immediate opportunities for brands to connect with consumers as not only participants, but partners in modern culture.
Our report examines:
• The concept of value beyond traditional financial notions
• How value hinges upon trust, and the way trust is driving disruption
• Tech startups and small group communities working together to challenge the way we’re paying for our lives
• Peer to peer exchanges, dying middlemen and algorithmic security
• New asset classes and a working vision of the Internet of Things
49 pp., 23 illustrations
Our report points to the near future, where every person, place, and thing has a measurable value that can be exchanged intangibly, rapidly, securely, and most importantly, directly. It’s a system where abstract notions like social currency have a value that can be transacted in the same way that we now buy a cup of coffee. It’s a system that can empower a planet where every single device, every head of lettuce, every drop of fuel, every road and cable that make up our infrastructure have a value not only in and of itself, but also in the context of its use.
Meet your new value system, or the future of money. UnMoney.
Methodology
For this report, sparks & honey conducted research and interviewed experts at DevCon1 in London (2015) and the Scaling Bitcoin Workshop in Hong Kong (2015). Using new social listening tools, we gauged public sentiment around the disruption of established currencies and financial systems. And tapping into our global scout network and proprietary cultural intelligence system, we combed through thousands of signals to build a vision of the future of value in an unmonied world.
Presentation for Government Blockchain Association l San Juan, Puerto Rico l Piloto 151, 7'June 2018
(c) Vladislav Solodkiy, A.ID
www.followthemoney.id
Is the world destined to become a cashless society?CogitoMedia
The consequences of the pandemic of 2020 were quite tragic, but if we look at the brighter side, this period pushed us to develop new digital systems and progressive ideas. These digital systems included the modes of payment that we use every day now.
Since the coronavirus had properties of air-borne diseases, it was kind of impossible to pay cash in hand to people due to the fear of disease transmission and therefore, no contact, digital or cashless transactions became popular during this time. As a result of this, a new world was born where cashless modes of payment were preferred over physical cash exchanges. This evolution definitely moved us to think if we can become a cashless society. But wait, what is a cashless society? Have you thought about it?
Two related trends characterize the recent past: value propositions are migrating from the physical to the informational, and value creation is shifting from firms to consumers. These two trends meet in the phenomenon of “consumer-generated intellectual property” (CGIP). This article addresses the question: “How should firms manage the intellectual property that their customers create?” It explores how CGIP presents important dilemmas for managers and argues that consumers’ “intellectual property” should not be leveraged at the expense of their “emotional property.” It integrates these perspectives into a diagnostic framework and discusses eight strategies for firms to manage CGIP.
This document discusses marketing strategies for financial services companies in an era of ubiquitous technology and digital connectivity, referred to as "U-commerce". It begins by outlining the evolution of technology's impact on the financial services industry. It then introduces the concept of U-commerce and its key characteristics of ubiquity, universality, uniqueness, and unison.
The document proposes a 2x2 framework to help financial services marketers identify objectives and strategies. The objectives are amplification, attenuation, contextualization, and transcension. Corresponding marketing strategies of nexus marketing, sync marketing, immersion marketing, and transcension marketing are presented. Examples specific to financial services are used to illustrate how companies can achieve the objectives through these strategies.
Digital Cash and Monetary Freedom - Libertarian Alliance (Economic Notes 63)Jon Matonis
Much has been published recently about the awesome promises of electronic commerce and trade on the Internet if only a reliable, secure mechanism for value exchange could be developed. This paper describes the differences between mere encrypted credit card schemes
and true digital cash, which presents a revolutionary opportunity to transform payments. The nine key elements
of an electronic, digital cash are outlined and a tenth element is proposed which would embody digital cash with a non- political unit of value.
Madrid - Digital Currency Summit 2015-04-23Juan Llanos
My most provocative presentation so far. I argue that the current policy goal priority of national security, tax compliance and financial crime prevention, as well as the current identity paradigm (government-issued) are factors that contribute to financial exclusion and hamper innovation. I focus on the challenges to our mental models created by the advent of Bitcoin and cryptocurrencies, and innovation opportunities in AML/CFT, privacy, identity, data analysis and security. Finally, I present my three Is theory of "Responsible Evolution" as a viable strategy for entrepreneurs to make their projects viable.
Cryptocurrency-recommended coins and purposeswatt promj
The document provides an overview and recommendations for four cryptocurrencies - Bitcoin, Ethereum, Cardano, and Polygon. It discusses the purpose and value of each coin, including Bitcoin's role as the first decentralized currency, Ethereum's support of smart contracts and applications like DeFi and NFTs, Cardano's goal of an environmentally-friendly blockchain, and Polygon's focus on scalability and interoperability. The document argues that while Bitcoin was first, Ethereum offers the most potential for growth due to the popularity of platforms it enables. It recommends having a diversified portfolio that includes Ethereum for its long-term upside potential.
This document provides recommendations for two cryptocurrencies to hold for long-term profits: Bitcoin (BTC) and Ethereum (ETH). BTC is described as the first decentralized digital currency that is not controlled by any single authority and has a fixed supply, giving it value as a hedge against inflation. ETH is highlighted for its use of smart contracts that enable decentralized applications like decentralized finance (DeFi) and non-fungible tokens (NFTs), both of which have grown dramatically in popularity in 2021 and rely on the Ethereum blockchain. ETH is seen as particularly well-suited for innovations in digital contracts and assets.
How to make money with cryptocurrency in 2022.pdfNerajKumar2
The document provides recommendations for 4 cryptocurrency coins to hold for long-term profits:
1) Bitcoin (BTC) - The original cryptocurrency that is decentralized, borderless, and not controlled by any authority.
2) Ethereum (ETH) - Allows for smart contracts and decentralized applications, fueling growth in decentralized finance (DeFi) and non-fungible tokens (NFTs).
3) Cardano (ADA) - Aims to be a more sustainable blockchain than Ethereum using a proof-of-stake system and allowing new crypto tokens and applications.
4) Polygon (MATIC) - Seeks to address Ethereum's scalability issues and provides frameworks for interconnected blockchain networks.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
This document discusses security challenges facing family offices with regards to privacy, cyber threats, and cryptocurrencies. It notes that family offices are targets due to governments seeking revenue, opaque sources of wealth, and lack of security resources. It outlines how family offices can be covertly targeted through social engineering, hacking, and malware. The document then focuses on challenges of cryptocurrencies like bitcoin, including lack of regulation, anonymity enabling money laundering, and risk of government intervention. It provides background on bitcoin and key terms. Finally, it advises family offices on protecting themselves through principles-based governance and practicing offensive cybersecurity tactics.
The distributed ledger technology that started with bitcoin is rapidly becoming a crowdsourced system for all types of verification. Could it replace notary publics, manual vote recounts, and the way banks manage transactions?
Combating money laundering & terror financing case of nigeria- adv. chitengi...cjnsipho
This document discusses money laundering from a legal perspective. It begins by outlining the role of central banks and commercial banks in combating money laundering as possible intermediaries in the laundering process or effective points of curbing the issue. It then provides definitions of money laundering from legal and UN perspectives. The document also examines the historical development of money laundering, techniques used, participants involved, and controversies around criminalizing the offense.
4 REASONS WHY YOUR NATION WILL KILL CASH FOR A DIGITAL CURRENCYSteven Rhyner
Yes, I'm {talking to|speaking with|speaking to|talking with} you. Yes, I'm {talking about|discussing|speaking about} your {country|nation}, whether it is Russia, China, or the United States. The {more|even more} {modern|contemporary|modern-day} {and|as well as|and also} {advanced|sophisticated|innovative} your {economy|economic climate|economic situation}, the {faster|quicker|much faster} it is coming your {way|method|means}
This document summarizes a white paper on cyber crime within the South African government. It discusses the growing problem of identity theft and hacking within government systems. It outlines the Cool Frog Cyber Project, which was authorized to target and disrupt international crime syndicates hijacking identities to enable financial crimes. The project profiled 4 linked syndicates, analyzed threats, and achieved several arrests and convictions. It discusses investigative methods like searches, hardware key loggers, and working with partners like law enforcement. The document recommends improving security measures, vetting, and training to better address cyber crimes within government.
Step by Step Guide to Make, Buy, Sell, Trade, and Invest in NFT, How to Become Rich in Your Teens by Investing in Bitcoin, Meme Coins, ICOs, NFTs, and Become A Successful Crypto Influencer.
Electronic and digital currencies like bitcoin provide a new way to transfer money globally with very low fees. While they currently lack regulations, cryptocurrencies allow migrant workers to send money home more cheaply than traditional money transfer services. The decentralized nature of cryptocurrency networks also enables peer-to-peer transactions without centralized control. However, cryptocurrencies are still in their early stages and face challenges around their status as legal tender and how they should be classified for tax and regulatory purposes.
Cash is more than a method of payment. It is a fundamental tool for individual privacy and autonomy, and it is necessary for an open society. This paper shows that a cashless economy is a surveillance economy. It also argues that removing the option to freely transact without intermediation greatly limits our economic self-determination, placing our economic lives in the hands of financial institutions and governments. This paper presents several case studies demonstrating the dangers of a completely intermediated payments system and concludes that electronic cash is a tool that should not only be tolerated, but fostered and celebrated.
LEOcoin is a new cryptocurrency that aims to be anonymous, secure, and user-friendly. It has several key advantages over other cryptocurrencies like Bitcoin, including true anonymity through advanced encryption, resistance to ASIC mining monopolization, and a hybrid proof-of-work and proof-of-stake system to reduce risks of attacks. LEOcoin transactions are very low cost, can be done globally very quickly, and require no specialized knowledge to use. The founders believe LEOcoin has the potential to become a leading global digital currency for entrepreneurs and individuals.
1) The document discusses the limitations of fiat currencies like government control and lack of transparency, and introduces cryptocurrencies like Bitcoin as a potential solution.
2) Bitcoin was created in 2009 as a decentralized digital currency that operates via a public ledger called the blockchain. It has gained popularity as an alternative to fiat that is easier to transfer globally.
3) The document argues that Bitcoin could serve as a seamless global currency independent of governments as its adoption increases among merchants worldwide.
Download the full report now: http://bit.ly/1QD3aDm
Imagine a future where you don’t have to think about money. Got it? Well you’re probably thinking about it the wrong way. Because today, right now, money isn’t real.
That bill you can hold in your hand is simply a representation of a transaction about to take place, completely dependent upon our belief that it has a value. We believe wholeheartedly that a piece of paper can be exchanged for a cup of coffee or a microwave oven. But, when we strip away our dependence on this concept of “money”, and the physicality of its exchange, what remains in the pure transaction. A transaction of value.
This report unpacks how our very concept of money is evolving, and describes how the system designed to manage its movement is ripe for disruption. This shift will create immediate opportunities for brands to connect with consumers as not only participants, but partners in modern culture.
Our report examines:
• The concept of value beyond traditional financial notions
• How value hinges upon trust, and the way trust is driving disruption
• Tech startups and small group communities working together to challenge the way we’re paying for our lives
• Peer to peer exchanges, dying middlemen and algorithmic security
• New asset classes and a working vision of the Internet of Things
49 pp., 23 illustrations
Our report points to the near future, where every person, place, and thing has a measurable value that can be exchanged intangibly, rapidly, securely, and most importantly, directly. It’s a system where abstract notions like social currency have a value that can be transacted in the same way that we now buy a cup of coffee. It’s a system that can empower a planet where every single device, every head of lettuce, every drop of fuel, every road and cable that make up our infrastructure have a value not only in and of itself, but also in the context of its use.
Meet your new value system, or the future of money. UnMoney.
Methodology
For this report, sparks & honey conducted research and interviewed experts at DevCon1 in London (2015) and the Scaling Bitcoin Workshop in Hong Kong (2015). Using new social listening tools, we gauged public sentiment around the disruption of established currencies and financial systems. And tapping into our global scout network and proprietary cultural intelligence system, we combed through thousands of signals to build a vision of the future of value in an unmonied world.
Presentation for Government Blockchain Association l San Juan, Puerto Rico l Piloto 151, 7'June 2018
(c) Vladislav Solodkiy, A.ID
www.followthemoney.id
Is the world destined to become a cashless society?CogitoMedia
The consequences of the pandemic of 2020 were quite tragic, but if we look at the brighter side, this period pushed us to develop new digital systems and progressive ideas. These digital systems included the modes of payment that we use every day now.
Since the coronavirus had properties of air-borne diseases, it was kind of impossible to pay cash in hand to people due to the fear of disease transmission and therefore, no contact, digital or cashless transactions became popular during this time. As a result of this, a new world was born where cashless modes of payment were preferred over physical cash exchanges. This evolution definitely moved us to think if we can become a cashless society. But wait, what is a cashless society? Have you thought about it?
Two related trends characterize the recent past: value propositions are migrating from the physical to the informational, and value creation is shifting from firms to consumers. These two trends meet in the phenomenon of “consumer-generated intellectual property” (CGIP). This article addresses the question: “How should firms manage the intellectual property that their customers create?” It explores how CGIP presents important dilemmas for managers and argues that consumers’ “intellectual property” should not be leveraged at the expense of their “emotional property.” It integrates these perspectives into a diagnostic framework and discusses eight strategies for firms to manage CGIP.
This document discusses marketing strategies for financial services companies in an era of ubiquitous technology and digital connectivity, referred to as "U-commerce". It begins by outlining the evolution of technology's impact on the financial services industry. It then introduces the concept of U-commerce and its key characteristics of ubiquity, universality, uniqueness, and unison.
The document proposes a 2x2 framework to help financial services marketers identify objectives and strategies. The objectives are amplification, attenuation, contextualization, and transcension. Corresponding marketing strategies of nexus marketing, sync marketing, immersion marketing, and transcension marketing are presented. Examples specific to financial services are used to illustrate how companies can achieve the objectives through these strategies.
Although the protection of secrets is often vital to the survival of orga- nizations, at other times organizations can benefit by deliberately leaking secrets to outsiders. We explore how and why this is the case. We identify two dimensions of leaks: (1) whether the information in the leak is factual or concocted and (2) whether leaks are conducted overtly or covertly. Using these two dimensions, we identify four types of leaks: informing, dissembling, misdirecting, and provoking. We also provide a framework to help managers decide whether or not they should leak secrets.
Purpose – The status of icewine as a luxury item is largely undisputed in popular perception. Despite this, icewine has received very little attention in the management literature. This paper aims to close this gap by developing a theoretical framework to segment the luxury wine and spirits market with a focus on icewine.
Design/methodology/approach – This paper is conceptual in nature. The authors adapt Berthon et al.’s (2009) aesthetics and ontology (AO) framework for luxury brands to provide a theoretical lens for segmenting the luxury wine and spirits market into four distinct segments.
Findings – The main contribution of this paper is a theoretical framework for segmenting the market for luxury wines and spirits into four distinct segments: cabinet collectors, cellar collectors, connoisseurs and carousers. The authors then apply their framework to the icewine category and outline considerations for the marketing mix of icewine producers.
Practical implications – The AO framework for luxury wines and spirits is bene cial for icewine producers to help differentiate their current and future market segments. In addition, this paper outlines practical implications for icewine maker’s marketing mix that could enhance their competitive position today and in the future.
Originality/value – This is the rst paper examining icewine in the context of luxury marketing.
The verb “simulate,” from the Latin simulare, to copy, repre- sent, or feign, has three distinct meanings in English. First, it can refer to something that imitates the appearance or char- acter of something else, such as when an actor stoops or walks very slowly in order to portray an old person. Second, it can refer to the act of pretending, for example, in a child’s game of “playing house,” in which children pretend to be adults in a home situation. Its third, much more recent mean- ing refers directly to the act of producing a computer model of a complex phenomenon. Interestingly, tracking the use of the word simulate in written work and media over time (as well as its noun form “simulation” and its adjective forms “simulated” and “simulative”) shows a very rapid take-off in the 1950s and from then on. This is almost certainly due to the advent of computers, with their ability to rapidly calcu- late the interaction effects of the large numbers of complex variables that constitute a phenomenon. However, viewing simulation as something that can only be done by computers is, in our opinion, limiting. For the purposes of learning, the real world can indeed be copied, represented, imitated, and pretended, as well as pretended in the marketing classroom.
This document discusses various innovations in social media. It begins by defining innovation and discussing different types of innovations such as incremental, sustaining, disruptive, and radical innovations. It then explores several areas of social media innovation including social networking, social curation, the mobile experience and streaming, wearables, augmented and virtual reality, and artificial intelligence. For each area, examples of innovative companies and technologies are provided, such as how GoPro utilizes user-generated content in its marketing strategy. The document concludes by discussing challenges and takeaways regarding social media innovation.
There is growing interest in how gamification–—defined as the application of game design principles in non-gaming contexts–—can be used in business. However, academic research and management practice have paid little attention to the challenges of how best to design, implement, manage, and optimize gamification strategies. To advance understanding of gamification, this article defines what it is and explains how it prompts managers to think about business practice in new and innovative ways. Drawing upon the game design literature, we present a framework of three gamification principles–—mechanics, dynamics, and emotions (MDE)–—to explain how gamified experiences can be created. We then provide an extended illustration of gamification and conclude with ideas for future research and application opportu- nities.
Ads are no longer unidirectional or one-dimensional but a blend of offline and online techniques designed to directly interact with the community. For many companies, advertising via online platforms such as YouTube and Vimeo has replaced commercials on television altogether. Recently, branded flash mobs have emerged as a popular form of viral advertising. While many branded flash mobs have experienced millions of YouTube views a metric such as view count does not fully indicate the effectiveness of the ad. This netnographic study evaluates viewers’ attitude toward the ad to better understand the effects of branded flash mobs. After examining 2,882 YouTube comments from three virally successful branded flash mob ads, a typology is developed, referred to as the archetype of consumer attitude matrix, to enable academics to formulate research questions regarding branded flash mobs. These archetypes of consumer attitudes to the online ad, in this case branded flash mobs, aid in the assessment of consumer response based on processing (cognitive versus emotive) and stance (supportive versus antagonistic). This typology also serves as a guide to marketing managers in the use of branded flash mobs in their viral campaigns. The article concludes with recommendations for future research.
This document provides an overview of 3D printing and its potential disruptions and implications. It discusses how 3D printing works using additive rather than subtractive manufacturing. Designs can be created digitally and then printed by adding layers of material until the final product is completed. 3D printing will disrupt traditional manufacturing by allowing on-demand production without large inventories and enabling individuals to print parts and products at home. Firms and consumers will both be impacted, and it raises intellectual property and ethical issues that policymakers will need to address regarding this new technology.
The document provides a list of 33 rules for writing, along with some commentary. The rules advise against various grammatical errors and clichés. They recommend avoiding prepositions at the end of sentences, sentence fragments, unnecessary words, and verbing nouns. The author notes they expanded on a shorter version of the rules they found elsewhere, and invites the reader to provide additional points. The document is signed by Dr. Jan Kietzmann and includes his contact information.
Generation-C - Innovation, UGC, IP laws, Social Media, Hacking, iPhone, DRM, ...Simon Fraser University
Generation-C is a generational movement consisting of creative consumers, those who increasingly modify proprietary offerings, and of members of society who in turn use the developments of these creative consumers. It is argued that their respective activities, creating and using modified products, are carried out by an increasing number of people, everyday, without any moral and legal considerations. The resulting controversies associated with existing intellectual property rights are discussed, and suggestions put forward that the future can only bring conflict if such legislation is not changed so that derivative innovations are allowed to flourish. The article concludes with important messages to organisations, intellectual property rights lawyers, owners of property rights, governments and politicians, suggesting they reconsider their respective stances for the good of society.
Organizations use a variety of labels to refer to their customers — the individuals who use their products and services. These labels (e.g., guests, students, clients, members, patients, users, etc.) suggest different meanings and connotations than being a simple customer. In this paper, we explore traditional labeling theory, and its roots in categorization and semiotic theories, to aid in the understanding of the customer- firm relationship. We then extend and formalize this to a customer labeling theory, in which we posit that a firm’s labels for its customers may shape consumer and organizational attitudes. Therefore, if customers become what marketers call them, then these labels shape the dialog between organizations and their customers. Thus, customer labels indirectly impact the success of firms’ customer relationship management efforts. We discuss customer labeling implications for firms and make suggestions for future academic research.
This conceptual paper discusses eWoM as a coping response dependent on positive, neutral, or negative experiences made by potential, actual, or former consumers of products, services, and brands. We combine existing lenses and propose an integrative model for unpacking eWoM to examine how different consumption experiences motivate consumers to share eWoM online. The paper further presents an eWoM Attentionscape as an appropriate tool for examining the amount of attention the resulting different types of eWoM receive from brand managers. We discuss how eWoM priorities can differ between public affairs professionals and consumers, and what the implications are for the management of eWoM in the context of public affairs and viral marketing.
Innovations in mobile technology shape how mobile workers share knowledge and collaborate on the go. We introduce mobile communities of practice (MCOPs) as a lens for under- standing how these workers self-organize, and present three MCOP case studies. Working from contextual ambidexterity, we develop a typology of bureaucratic, anarchic, idiosyncratic and adhocratic MCOPs. We discuss how variations in the degree of organizational alignment and individual discretion shape the extent to which these types explore and exploit mobile work practices and approach organizational ambidexterity. This article concludes with important strategic implications for managing mobile work and practical considerations for identifying, creating, and supporting MCOPs.
In this paper, we highlight some of the challenges and opportunities that social media presents to researchers, and offer relevant theoretical avenues to be explored. To do this, we present a model that unpacks social media by using a honeycomb of seven functional building blocks. We then examine each of the seven building blocks and, through appropriate social and socio-technical theories, raise questions that warrant further in-depth research to advance the conceptualization of social media in public affairs research. Finally, we combine the individual research questions for each building block back into the honeycomb model to illustrate how the theories in combination provide a powerful macro-lens for research on social media dynamics.
Traditionally, consumers used the Internet to simply expend content: they read it, they watched it, and they used it to buy products and services. Increasingly, however, consumers are utilizing platforms–—such as content sharing sites, blogs, social networking, and wikis–—to create, modify, share, and discuss Internet content. This represents the social media phenomenon, which can now significantly impact a firm’s reputation, sales, and even survival. Yet, many executives eschew or ignore this form of media because they don’t understand what it is, the various forms it can take, and how to engage with it and learn. In response, we present a framework that defines social media by using seven functional building blocks: identity, conversations, sharing, presence, relationships, reputation, and groups. As different social media activities are defined by the extent to which they focus on some or all of these blocks, we explain the implications that each block can have for how firms should engage with social media. To conclude, we present a number of recommendations regarding how firms should develop strategies for monitoring, understanding, and responding to different social media activities.
This document discusses the evolution of surveillance systems from the panopticon concept to modern implementations. It describes three generations of surveillance: 1) the original panopticon prison design, 2) the adoption of CCTV cameras and data mining, and 3) emerging technologies that outsource surveillance to citizens and integrate monitoring into everyday devices. The key limitations of each generation are a lack of cohesion across disparate systems and limited data sharing between systems. Newer technologies aim to increase data capture, coupling of systems, and population monitoring to establish a more effective virtual panopticon.
Minding the gap: Bridging Computing Science and Business Studies with an Inte...Simon Fraser University
For today’s information technology organization, working in teams across functional and even organizational boundaries has become an integral part of every project. When asked about these projects, practitioners regularly report on how grave differences between business professionals and tech- nology teams have negatively affected project performance. The serious gap between how the two sides think, talk and work is systemic already in the training and education of both Business and Computer Science students at the univer- sity level. This paper describes the design of a competitive SFU Innovation Challenge which aims to bridge that gap by tasking interdisciplinary groups to create iPhone application prototypes and related business innovation roadmaps. This document then summarizes the objectives of the SFU Inno- vation Challenge, and reports on the difficulties and posi- tive results that materialized when students combined their technological problem- solving techniques and managerial strategies for effectively confronting real-world problems.
The recent evolution of mobile auto-identification technologies invites firms to connect to mobile work in altogether new ways. By strategically embedding “smart” devices, organizations involve individual subjects and real objects in their corporate information flows, and execute more and more business pro- cesses through such technologies as mobile Radio-Frequency Identification (RFID). The imminent path from mobility to pervasiveness focuses entirely on improving organizational performance measures and metrics of success. Work itself, and the dramatic changes these technologies introduce to the organiza- tion and to the role of the mobile worker are by and large ignored. The aim of this chapter is to unveil the key changes and challenges that emerge when mobile landscapes are “tagged”, and when mobile workers and mobile auto-identification technologies work side-by-side. The motivation for this chapter is to encourage thoughts that appreciate auto-identification technologies and their socio-technical impact on specific mobile work practices and on the nature of mobile work in general.
Despite the increasing popularity of mobile information systems, the actual processes leading to the innovation of mobile technologies remain largely unexplored. This study uses Action Research to examine the innovation of a mobile RFID technology. Working from Activity Theory, it departs from the prevalent product-oriented view of innovation and treats technology-in-the- making as a complex activity, made possible through the interaction of manufacturers, their organisational clients and their respective mobile workers. The lens of a normative Interactive Innovation Framework reveals distinctive interaction problems that bear on the innovation activity. In addition to difficulties emerging from dissimilar motivations for the innovation project, the mobile setting presents unique contradictions based on the geographical distribution of its participants, the diverse role of mobile technology, the complexity of interacting through representations and the importance of the discretion with which mobile work activities are carried out today.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
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1. C O M M E N TA RY
By IAN ANGELL and
JAN KIETZMANN
RFID AND THE
END OF CASH?
Thinking about buying a new car with cash? RFID-embedded
How about paying school fees? Don’t bother. money is likely
Such money is not welcome. Western banks
today treat all large cash deposits as “suspicious to mean the end
transactions,” covering their backs by immedi- of anonymous
ately reporting cash-loaded customers to the transactions and
authorities for carrying sums far less than the with it one of
minimum amounts required by regulations.
Governments say “Only the guilty deal in the last bastions
cash.” Consequently, sensible businesses avoid of personal
large cash deals. Depositing cash into the anonymity.
banking system means everything is electroni-
cally recorded. New anti-money-laundering regulations, especially
since the terror attacks of September 11, 2001, identify these
deposits as the entry point of an audit trail of suspicious transac-
tions. What is going on?
Illustration by R OLAND S ARKANY
COMMUNICATIONS OF THE ACM December 2006/Vol. 49, No. 12 91
2. Legislators in the West have decided in the U.S., much of the increase
that the deregulation of the past decades, due to the use of ATMs and
particularly concerning money (such as demand from abroad [5]. Govern-
the loosening of exchange controls), has ments don’t easily give up on their
gone too far. Despite profiting substan- tax take, developing tactics for
tially from seigniorage, including the eroding anonymity, fungibility,
profit resulting from the difference in the HE MORE T and the ability to store value that
cost of printing money and the money’s make cash so attractive to tax
face value, governments grudgingly issue
DETAILED THE evaders.
exchangeable money; or else other private RECORDING OF RFID
Cash has no provenance.
groups would. Harking back to Plato and Unlike with checks and credit
his moneyless utopian Republic, govern-
TRANSFERS THE , cards, it is very difficult in cash
ments today prefer a perfect society with TIGHTER THE NET transactions to associate a pur-
a nonconvertible currency that (they chaser with a purchase or a partic-
claim) safeguards their economies from BECOMES AND , ular purchase with other
external meddling and from losing the THE MORE purchases. Audit trails have to be
wealth of those dissidents who choose to separately and expensively
escape what they see as state oppression. LIMITATIONS THAT imposed. Roman Emperor Ves-
New technology raises the spectre of the ARE PLACED ON pasian 2,000 years ago may have
state gaining total control over money, believed pecunia non olet (money
achieving this nominal collectivist heaven THE INDIVIDUAL S ’
doesn’t stink), but modern govern-
by destroying the essence of cash—the ABILITY TO REMAIN ments sense the possibility of cash
cornerstone of individual freedom. giving off the unmistakable odor
This scenario seems paradoxical given ANONYMOUS .
of each identifiable bearer, making
that global telecommunications is bring- it a de facto identity card and
ing about the death of distance. Busi- negating the personal freedom
nesses, along with some individuals, have encapsulated in anonymous
become truly international. Today’s con- money.
vergence of the Internet, mobile technol- Although individual bank
ogy, and electronic payment schemes notes have unique identification
makes everyone a trader, a global business elite that is numbers, they are not tracked from the moment of
of one mind: arbitrage the new opportunities to min- issue. Indeed, until recently it was too costly to track
imize their tax liability. the cash transactions of individuals (even their checks
and credit card transactions), except in special high-
priority cases. Now there is computerized profiling,
H
owever, most governments are addicted to data mining, and radio-frequency identification
taxation. Democracies are no exception; how (RFID). The government’s long-term aim may be to
else could they afford to subsidize the bene- turn society into a Panopticon, using it as an analogy
fits they deliver to preferred voters and contributors? for a prison in which an unseen guard observes all
Increased regulation makes the state even more costly prisoners without them knowing they are being
to run, so the tax take must increase. The state is a observed. By constructing a complete record of the
Faustian pact, where the individual submits to its personal debits and credits of all its citizens, thereby
“legitimate violence” in return for protection and spinning a web connecting all buyers and sellers, the
security [12]. The government, from its side of this Internal Revenue Service and its equivalents outside
bargain, demands ownership of its citizens and the the U.S. not only calculate every tax bill but are able
monopolistic right to tax them at whatever level to seize payment from those operating in both the
whenever it wishes, calling it “balancing the budget.” official economy and the underground “shadow
However, taxing cash is complicated due to its three economy.”
interrelated properties: anonymity, fungibility, and In a democratic regime, this assault on individual
ability to store value. freedom must appear benign so as to avoid popular
Although credit and debit cards do away with the discontent. Democracies are obliged to profess supe-
need for cash, the amount of cash in circulation is rior morality and/or utility in order to convince citi-
increasing in almost all countries. As of July 2004, zens of the rightness of their legitimate violence [12].
U.S.$730 billion in coins and notes was in circulation The enforcers of state power—the police, national
92 December 2006/Vol. 49, No. 12 COMMUNICATIONS OF THE ACM
3. security services, and tax collectors—may be given the tag that uniquely identifies any item bearing the tag.
right, nay the obligation, to invade the privacy of cit- So-called “smart tags” are used to track or trace
izens with impunity. objects. Worldwide in 2003, they helped keep track of
How do democratic governments get their citizens about 100 million pets and 20 million livestock [3].
to accept a wholesale loss of privacy? The trick is to
convince them that such intrusion is in their own self-
T
interest and may even deliver personal benefits. Some he Auto-ID Center, established in 1999 as an
politicians seize the moral high ground by stirring up academic research project at the Massachusetts
a smokescreen of public outrage against drug traffick- Institute of Technology, developed the archi-
ing, terrorism, corporate greed, pedophilia, and coun- tecture for creating a seamless global network of all
terfeiting. They also make the highly suspect claim physical objects (www.autoidlabs.org/aboutthelabs.
that the pairing of regulation and technology will cure html). The technology has since been transferred to
these social ills, protecting the individual from fraud EPCglobal (www.epcglobalinc.org), which oversees
and theft. Unfortunately, this duo comes at a cost. For development of standards for electronic product code
example, of the £250 billion estimated to have been (EPC) tags. These tags are used for every imaginable
laundered through the U.K., the government has item—from clothes to medicine, electronics, food,
recovered a mere £46 million, at a cost of £400 motor vehicles, books, door locks, and airplanes—
million [2]. revolutionizing logistics and supply-chain and inven-
The USA PATRIOT Act of 2001 and in the U.K. tory management worldwide. For example,
the Regulation of Investigatory Powers Act of 2000 Legoland in Denmark uses RFID and 802.11
and the Proceeds of Crime Act of 2002 were all WLAN technology to find lost children [4], and
approved with atypical haste. Legislators have learned U.S. forces employ Texas Instruments wristbands to
the lesson of the 1931 conviction of Al Capone by the help track wounded U.S. soldiers and prisoners of
U.S. Department of the Treasury. If you can’t catch a war in Iraq.
criminal in the act, “follow the money” instead. Invert The turn of the century saw substantial gains in
the burden of proof. The accused (in fact everyone) is the efficiency of power conversion in circuits, pro-
guilty until proven innocent, where proof of inno- viding power for cryptographic operations. The least
cence is nothing less than the unconditional surrender expensive and least powerful tags (such as basic EPC
of all personal and financial information. No surprise tags) provide no layers of security. More advanced
that anti-money-laundering regulations, especially the and costly tags require additional power for cryptog-
“know your customer” rules, demand that every bank raphy (such as for static key operations in PINs and
official act as a secret policeman for the government. passwords, symmetric key encryption, and crypto-
Should the privacy dissident operate in electronic graphic co-processors). These extra levels of security
cash? No. E-cash is hopelessly compromised, with enable novel opportunities, not only for commercial
issuers intimidated into insinuating an audit trail in transactions but for money itself.
the encrypted data; it is just a glorified debit card. Per- An RF-emitting tag can be small enough to fit
haps the dissident should stay well away from the gov- into bank notes so as to uniquely identify each one
ernment-regulated banking system, using only as it passes within range of a sensor. The authorities
high-denomination bank notes. Unfortunately, this claim its purpose is to combat counterfeiting and
well-used tactic no longer provides the desired level of identify money transfers between suspicious parties.
anonymity, owing to its convergence with another RFID readers interrogate multiple tags simultane-
technology. ously. Every time notes are passed to or from a bank,
RFID’s ability to perform as an auto-identification RFID readers identify and record them, linking this
technology was first utilized by the Royal Air Force in data with the person who presented or received
World War II to differentiate between friendly and them. The government has the potential to know
enemy aircraft. Friendly planes were equipped with not only exactly how much cash is being carried
bulky “active” RFID transponders (tags) energized by out/in the door but who is carrying it and who car-
an attached power supply and interrogated by an ried it previously. By comparing the respective iden-
RFID transceiver (reader). Applications today rely on tification numbers to entries in their database (for
similar communication between RFID tag and reader, authentication purposes, of course), the authorities
although the tags (miniscule microchips attached to can draw a link between the last recorded holder of
antennae) are generally “passive,” powered by an elec- the note and the current one.
tromagnetic field emitted by the reader. Radio signals This web of contact information is also incom-
inform nearby readers of a serial number stored on the plete. It misses out on the numerous cash transac-
COMMUNICATIONS OF THE ACM December 2006/Vol. 49, No. 12 93
4. tions not captured by banks, including those that weigh the hazards through a marketing blitz aimed at
occurred as the note was passed hand to hand, start- gaining widespread public acceptance.
ing with the party who issued it and ending with
whoever returned it to the bank. To increase the accu-
I
racy of their records, authorities will indeed expect t’s not only that passive RFID tag technology is
intermediate retail and service outlets to identify cus- rapidly maturing among a passive (some might say
tomers, then read and report their tags. Cash registers apathetic) public. Innovators predict huge public
can record all transactions, good and bad, legal and demand for the products of the convergence of per-
illegal, honest and dishonest, and identify notes that sonal RFID readers and mobile telephones. The
enter their system, flagging those that are either coun- mobile telephony industry senses a killer application.
terfeit or no longer accepted as legal tender. The new Who wouldn’t pay to locate misplaced keys, specta-
RFID-based technology gives the authorities the cles, gloves, or socks (conveniently tagged by their
power to cancel a particular note. The more detailed manufacturers)? By marrying an asynchronous reader
the recording of RFID transfers, the tighter the net with a synchronous mobile phone, the emergent
becomes, and the more limitations that are placed on device would be able to read and transfer tag data
the individual’s ability to remain anonymous. anywhere in near real time. Connecting phones
A 2004 Internet hoax involved $20 bills with an and/or tags would make it possible to send and
RFID tag in Andrew Jackson’s eye [10]. So it’s all a receive electronic funds. Accessing a tag might also
ruse? Not at all. The 10,000-yen bills (~$100) of trigger a connection to the manufacturer or retailer’s
2004 were to be implanted with Hitachi’s 0.4mm2, Internet presence through a mobile phone. Applica-
60-micron-thick “-chip” [8], each costing around tions for mobile phones equipped with RFID readers
50 yen [9]. Plausibly, as the price of tags decreases fur- are endless, promising to introduce huge new revenue
ther, they will be embedded into smaller-denomina- streams to handset manufacturers, application devel-
tion bank notes to increase the recording and opers, and service providers.
monitoring of yet more cash transactions. The Euro- The security infrastructure surrounding this tech-
pean Union considered implanting tags in its notes by nology, balancing privacy against commercial applica-
the end of 2005, though this is on hold, and the tions, is a major concern. RFID does not require
Swedish National Bank has announced a similar idea. line-of-sight for reading tags, operating instead on
Is the U.K. or U.S. next? radio frequency. Hence, private data about people
No more anonymous cash. But worse, two other and their belongings and shopping behavior can be
properties of cash—fungibility and stored value—are received simply by waving a reader near their clothes,
also under attack. Each bank note, whatever its handbags, and other personal items. The size of their
denomination, should be as good as any other, but shirts is no longer their personal secret, nor is the
not if it’s rejected, discounted, or terminated. By amount of cash they are carrying. By collecting tag
insisting that only bank notes with operational tags data on the person being RF-interrogated, the “data
are legal tender, governments may cancel the cash of voyeur” might create a complete commercial, and,
targeted individuals. worse, personal profile.
What a great method for instantly taxing citizens. One may argue that this problem would be solved
Governments calculate the tax owed and take the cor- by disabling each tag when it leaves a shop, but this is
rect sum straight out of each taxpayer’s pocket by can- neither in the interest of the retailer nor, in fact, of the
celing bank notes, then reprinting and reissuing new customer. Tags will store warranty information (paper
ones bearing different RFID tags. The possibilities are receipts will no longer be accepted) and, more impor-
limitless. By giving each note an expiration date, gov- tant, the rights of ownership (a stolen item is easily
ernments may force bearers of cash to spend their identified). It is thus in the interest of the purchaser
money. The government can also hold out the threat to keep tags alive. Furthermore, using RFID-enabled
of instant devaluation, with the value of a bank note phones in the exchange of goods and money is both a
being not the numbers printed on the note itself but guarantee and a proof of the transfer of ownership.
the amount coded into the tag, drastically transform- Only a troublemaker would want to destroy or dis-
ing the notion of stored value. able such useful data.
Why doesn’t everyone object loudly and publicly? So there are very real general benefits in RFID
It’s not just ignorance of the technology. A very real technology. However, this does not mean that the
opportunity presents itself, as RFID technology finds mixing of cash and mobile RFID will receive strong
its way into the home at a price all can afford. The support. As with many new technologies, innovators
viral message is going out that the benefits far out- promise utopia; meanwhile, governments may declare
94 December 2006/Vol. 49, No. 12 COMMUNICATIONS OF THE ACM
5. that only tagged items are secure, and identify individual travelers through
industry proclaims the convenience the tagged cash and goods they carry.
and savings made possible through There will be no more slipping
mobile RFID readers. It is not surpris- through customs without paying duty
ing that two main supporters of RFID or carrying suitcases full of money to
are the U.S. Department of Defense Switzerland.
and Wal-Mart and are likely to be However, because RFID technol-
joined by the mobile technology sec- B Y COLLECTING ogy doesn’t require a physical connec-
tor and others once new revenue tion between tag and reader, officials
streams are more apparent. TAG DATA ON will be able to validate a person’s iden-
Benefits to major corporations and THE PERSON BEING tity not only at the port or airport but
governments will not in and of them- also in any public or private space
selves generate public acceptance of RF- ,
INTERROGATED within the limited range of the RFID
“
tagged cash. That acceptance is essen- THE DATA VOYEUR ”
tag/readers, all without the express
tial if the technology is to overcome permission or even awareness of the
privacy objections. Hence the issue of MIGHT CREATE person. As the range at which tags may
mobile RFID and tagged bank notes, A COMPLETE be read increases and the technology
while contributing to decreased improves, will unreasonable search
anonymity, is being marketed to indi- COMMERCIAL , and seizure become imperceptible
viduals as a self-evident personal
advantage. Once people are proffered
,
AND WORSE , search and seizure?
a bank note, their mobile phones read PERSONAL
.
B
the tag, establish a connection to the PROFILE ut it’s not only the government
authority’s database, and receive con- watching from the shadows.
firmation of the note’s authenticity Privacy advocates argue that
and validity and of the legitimacy of mobile RFID readers can lead to
the bearer. Fraud will decrease dra- increased identity theft, high-tech
matically. As a byproduct of the stalking, and commercial data collec-
process, the government will obtain tion [11], perhaps with the intent of
yet more information for its database hijacking the seemingly good inten-
of cash transfers from private citizens, as well as from tions of RFID-tagged goods and cash. Indeed, retail-
the banking, retail, and service sectors. As tagged ers are concerned that thieves equipped with mobile
product purchases find their way into our homes, we RFID devices will create new and sophisticated ways
will be only a step away from installing indoor of shoplifting. Anarchists have long dreamed of the
receivers into our shelves, floors, and doorways [1]. destruction of the state by destroying its power to
The net on anonymity will continue to tighten. The issue and control money. In “chaos attacks,” they hope
criticism of Katherine Albrecht, founder and director to damage tags embedded in cash to render it practi-
of an advocacy group called Consumers Against cally invalid until exchanged at banks for good money
Supermarket Privacy Invasion and Numbering with valid tags, causing major inconvenience and dis-
(www.spychips.com), and others have convinced ruption. Global retail chains (such as McDonald’s),
Auto-ID Labs around the world to address the grow- for years targets of environmental activists, would find
ing concern and work on ways to deal with the pri- collecting and then validating large amounts of cash a
vacy issue. constant headache.
This is just as well, because the databases of tags When only fully functioning tagged money will be
and their bearers maintained by various governments good money, what happens when a tag is destroyed,
don’t stop with money. In the name of homeland whether by accident or on purpose? General access to
security, new U.S. passports will contain standard the government’s provenance database of money
passport data in an embedded tag that can trigger the (needed to replace genuinely damaged bank notes)
respective name, address, and digital picture. will introduce unimagined levels of complexity into
Although not encrypted, security will be warranted the system, along with the likelihood of database fail-
through digital signatures [11]. The world’s national ure. How do we ensure that thieves do not screen the
borders will be equipped with readers, thereby tagged content of our wallets to find out if we are
increasing control of the transnational flow of people. worth robbing? Innocents will need to engage in
By extension, immigration officials will be able to countermeasures: wallets will contain RFID shielding
COMMUNICATIONS OF THE ACM December 2006/Vol. 49, No. 12 95