Developed in 2014 by the British-Austrian technology company EDAQS,[1][2] DICE involves the use of Machine Readable Codes (MRC) or radio-frequency identification (RFID) tags embedded in banknotes.
Additionally, DICE aims to serve as an alternative to the complete elimination of physical currency, offering benefits similar to a cashless economy, such as reducing cash-related crimes, without entirely removing cash from circulation.
Once the banknote has been successfully assigned to the user’s account, the remote devaluation of the notes could occur in the event of a robbery or destruction due to catastrophes like fire or flood.
[7] The system includes a blockchain-enabled cloud device that scans, reads, and registers the banknotes, as well as centralized software for managing registration and devaluation.
[12] The RFIT chip is considered more secure due to its limited read range of up to 3 mm, requiring a specially designed near field antenna (NFA) to activate it, unlike standard RFID tags.