Emirates NBD, the biggest bank of Dubai, officially becomes the first bank to successfully launch “Cheque Chain”, a blockchain technology project that has been developed with the intention of reducing cheque-related frauds.
Having tasted success while experimenting with the project, Emirates NBD Future Lab last year, the bank has revealed that it plans to build on that success and has launched the new security-enhancing technology with the aim of benefitting customers all across the UAE.
The bank further added in a statement that, along with reinforcing the authenticity of issued cheques, the initiative which incorporates Blockchain technology will also improve the security standards across the entire banking sector in UAE.
Basically the “Cheque Chain” empowers a Unique Quick Response (QR) code to be printed on every page of any newly issued cheque books. The Unique Code, in turn, registers every single cheque on the bank’s blockchain platform, guaranteeing that once the cheque has been received and cleared under the bank’s ICCS technology, the bank employees can then authenticate the cheque’s legitimacy and have 24/7 access to its source.
As per the statement of Abdulla Qassem, COO Emirates NBD, he says: “Emirates NBD is dedicated to exploring every possible efficient use of this innovative technology. Following a successful pilot phase, we are delighted to introduce Cheque Chain to all our customers in the UAE, and it the process we have become the first bank in the district to provide this service.”
Qassem’s statement further reads, “Through this initiative, our security management processes will get incredibly strengthened, mostly due to the decrease in cheque frauds.”
The bank said that it registered almost one million Leafs utilizing the blockchain, just in the first month itself.
Currently, Emirates NBD, the largest bank in Dubai has been considering the possibility of presenting its blockchain platform to team up with other UAE financial institutions.