Criminals will love digital cash. Anybody can use it to transfer money for legal or illegal purposes.
Predictor: Schneier, Bruce
Prediction, in context:The 1995 book “The Information Revolution,” edited by Donald Altschiller, carries a reprint of the Jan. 23, 1995, U.S. News & World Report article “Policing Cyberspace” by Vince Sussman. Sussman explores First Amendment rights in cyberspace. He writes: ”Cryptography will become even more popular once cyber-surfers discover digital cash, which is the equivalent of real money that resides in a computer. David Chaum, the developer of DigiCash, a Dutch-owned company, says his creation combines the benefits of anonymous legal tender with the speed and convenience of online commerce. There is no risky exchange of credit-card information. DigiCash is electronically transferred like actual cash, while powerful cryptography makes it theft- and counterfeit-proof, says Chaum. DigiCash can prevent consumers’ names and personal habits from funneling into databases. [Cryptographer Bruce] Schneier thinks the enhanced confidentiality of electronic lucre will be good for society, but suggests that ‘criminals will love digital cash. Anybody can use it to transfer money for legal or illegal purposes.’ Many people believe that the widespread use of E-cash will be one more aspect of the Internet that erodes the power of central government control.”
Date of prediction: January 1, 1995
Topic of prediction: Economic structures
Subtopic: E-cash
Name of publication: The Information Revolution (book)
Title, headline, chapter name: Policing Cyberspace
Quote Type: Direct quote
Page number or URL of document at time of study:
Page 115
This data was logged into the Elon/Pew Predictions Database by: Guarino, Jennifer Anne