The most important financial institution of Dubai – Emirates NBD, has gone reside at scale with a blockchain-based challenge known as “Cheque Chain” to considerably lower off check-related fraud.
Dubai has at all times been fairly elated in terms of embracing blockchain-based expertise. We’ve seen it adopting modern options primarily based on it throughout a variety of industries equivalent to car and tourism.
Following this tendency, the emirate’s largest financial institution – Emirates NBD, introduced the roll-out of Cheque Chain, a blockchain-based expertise supposed to strengthen the safety requirements throughout the banking sector within the UAE, for the advantages of its prospects.
The financial institution’s Chief Working Officer (COO) Abdulla Qassem acknowledged:
Emirates NBD is dedicated to exploring business makes use of for this modern expertise. After a profitable pilot part, we’re happy to roll out Cheque Chain to our prospects nationwide, changing into the primary financial institution within the area to supply this service.
Cheque Chain – What’s it About?
Because the title suggests, the challenge is principally geared in the direction of transactions dealt with with checks. It permits a singular QR code to be laid out on each single leaf of newly issued checkbooks. This code shall then register every of the cheques on the blockchain platform of the financial institution. Primarily, this is able to permit the financial institution’s employees to validate the authenticity of the cheque in addition to to have full entry to its supply at any given second.
“This initiative will considerably strengthen our danger and safety administration processes, notably via the discount of cheque fraud” – the financial institution’s COO goes on to say.