From Seashells to Apple Pay – the Science behind Secure Money and Payments

Secure money and payments serve a fundamental societal need: Already over 30,000 years ago, wooden sticks with notches were used as first “payment instruments”, followed by seashells and coins from rare natural materials. With the rise of paper money, sophisticated man-made security features came into focus: Extra elements were added to paper to combat counterfeiting, often operating at the scientific and technological edge of their time. Today, the emergence of electronic payment systems has taken money to its next evolutionary level, including digital currencies, bitcoin, or Apple Pay. Various advanced technologies, such as chip cards, encryption, biometrics, and cryptographic protocols, may interact to secure modern monetary transactions. Can perfect payment security finally be achieved in this manner? The talk puts particular emphasis on the science behind securing money and payments and takes a short “payment journey” through the past, and via Web 3.0 and Metaverse also risks a short glimpse at the future of currencies. | Michael Tagscherer ist Chief Technology Officer von Giesecke & Devrient in München.