The pre-conference Technology Ideation Workshop speaks to the heart of the Banknote Conference mission: identifying emerging technologies. In this workshop, university professors, Central Bank researchers, and other technology experts will present basic research within their field that could have future application in security features or could aid in the production or inspection of banknotes. They will present a very technical view of the possibilities. This will be a hands-on workshop where those with technical acumen can explore, discuss, and evaluate these new and innovative possibilities. Workshop presenters will be available after the workshop for follow-up discussion.
If you are interested in attending both the BEP Tour and the Technology Ideation Workshop, please plan to attend the earliest tour which departs at 10:00 am, in order to return in time for the workshop.
In 2018, at the Banknote Conference in Dallas, Kenneth ‘O presented his work on the electronic smell of ink drying and authentication of genuine banknotes. This triggered The Dutch Central Bank to investigate the uniqueness of smell of genuine Euro banknotes. As banknote security technology advances, counterfeiters improve their techniques in their reproduction. Some counterfeits appear highly professional and are therefore problematic to detect with the naked eye or even checking devices. If the ‘smell’ of genuine banknotes is found to be highly distinctive, this would allow easy detection of counterfeits on the basis of an automatically generated security feature that arises as part of the production process. This feature would then be very hard if not impossible to mimic. Research using head space GC-MS showed very characteristic and reproducible compounds in the profiles of €20 and €50 euro banknotes relating to paper and ink components. These peaks were not found in counterfeits and did not change with components originating from regular circulation and age. The results of this study are very promising. As head space GC-MS is time consuming and requires a laboratory infrastructure, the next step is to develop a rapid, portable method such as an e-nose based sniffer.
The increase in digital payments coupled with the arrival of cryptocurrencies and CBDCs may appear to point to a bleak future for traditional cash. It's possible, however, to imagine a future where physical cash instruments are also digital, working in concert with CBDC's rather than being replaced by them.
Central banks and currency printers can increase security while at the same time creating a physical-digital cash instrument that's as easy to use as existing notes are today. We'll explore how this novel technology works for cryptocurrency today and its implications for central banks, currency printers and cash management.