Dubai’s Biggest Bank to Employ Blockchain Technology in Fighting Cheque Fraud
Dubai is understandably very elated with regards to embracing blockchain-based technology. We’ve seen it use innovative blockchain solutions across a scope of businesses from vehicles to tourism.
Following this trajectory, the emirate’s biggest bank – Emirates NBD, reported the start of Cheque Chain, a blockchain-based innovation introduced for the purpose of strengthening security over the banking sector in the UAE, to their clients advantage.
The bank’s Chief Operating Officer (COO) Abdulla Qassem speaking recently said that the
“Emirates NBD is committed to exploring commercial uses for this innovative technology. After a successful pilot phase, we are pleased to roll out Cheque Chain to our customers nationwide, becoming the first bank in the region to offer this service”.
As the name Cheque-chain suggests, the task is basically adapted towards cheque based transactions. It prints a special QR code on each and every leaf of recently issued checkbooks. The codes should then help list every cheque on the bank’s blockchain platform.
According to FinTech experts, this innovation will basically allow bank staff to determine the authenticity of cheques while also giving them access to the source at any given minute.
“This initiative will significantly strengthen our risk and security management processes, particularly through the reduction of cheque fraud” – the bank’s CEO goes on to say.
Dubai’s biggest bank has authoritatively understood that the advantages of blockchain-based innovation are very relevant to its own operations.
The bank recently said that it has figured out how to enroll nearly one million cheque leaves with this innovation. However, it’s also investigating the potential outcomes of opening up Cheque Chain’s innovation so as to attract a scope of other powerful UAE establishments in the financial sector.