Using Advanced Maths for Inspection

A number of central banks are investing time and money to understand the life cycle and performance of banknotes based on tracking the changes in individual banknote detector scores over time. It does this by reading banknote serial numbers, and their detector data, and analysing the results. Given the number of detectors on a sorting machine, the volume of data generated reaches the realms of ‘big data’.

Keesing Technology posted a paper by Ramesh Paskarathas, ‘Big Banknote Data – Exploring the Challenges and Applications of Big Data Analysis to Banknote Data’, which discusses three mathematical techniques being used by the Bank of Canada, explaining how they work, why they are used and what they can deliver. The paper does not give an insight into the life of a banknote, but it does delve into the modelling techniques needed to get to those insights.