Currency Publications Ltd. produced a special report that analyses the 30-year history of Diffractive Optical Variable Image Device technologies which are used as security features on banknotes. According to the report, holograms will be the popular choice of Central Banks across the globe to fight counterfeiting activities.
The report reveals that implementing new technology can be very risky as the feature may not work as expected, or might lead to production or circulation issues. DOVID has been successful because of its vibrant physical effects and technology that provides effective security solutions. These security features are also easily identified by common people, due to which counterfeit notes can be tracked down at a very early stage.
DOVID was first used in 1988 on a 500 shilling from Austria and a $10 commemorative note from Australia. They appear on 293 banknotes out of just more than 1000 banknotes in circulation. 93 currency issuers have at least one denomination featuring a DOVID. The DOVIDs appear as threads, patches or stripes. A lot of banks are keen on including ‘windows’ in banknotes. As per the latest trends, DOVIDs are used within these windows to create interesting visual effects on both sides of the notes.
Even though there are other optically variable features for security, new payment methods and an increase in cashless transactions, banknotes in circulation continue to grow in several countries. The report suggests that the future for DOVIDs on banknotes will continue to be good. As long as banknote manufacturers keep exploring new materials and technologies in combination, DOVIDs will be a popular choice.
Experts believe that banknotes will play a major role in any economy. There will be a need for secure, cost-effective and easily recognisable features. As DOVID technologies meet the above-mentioned criteria, they will be used by banks to issue notes for a long time from now.
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