, has successfully tested ‘Cheque Chain’—a blockchain system that integrates with issued cheques to minimize fraud and enhance their authenticity.){kind=link}
Emirates NBD, one of the leading banks in the United Arab Emirates (UAE), has successfully tested ‘Cheque Chain’—a blockchain system that integrates with issued cheques to minimize fraud and enhance their authenticity.
The official announcement describes how Cheque Chain enables banks to generate a unique QR (Quick Response) code for every leaf of newly issued cheque books. Banks then register each code on their blockchain platform, allowing staff to validate the cheque’s authenticity and access its source whenever necessary once the cheque clears. This process significantly reduces the risk of fraud or attempted forgery.
The bank is now considering rolling out this blockchain-related security feature across the entire UAE. This will also help to step up measures in terms of security standards with the entire Emirates NBD Group as well as across the entire UAE banking sector.
Abdulla Qassem, Group Chief Operating Officer, Emirates NBD said:
“Aligned to the Dubai Blockchain Strategy launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, 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 nation-wide, becoming the first bank in the region to offer this service. This initiative will significantly strengthen our risk and security management processes, particularly through the reduction of cheque fraud.”
In the very first month of its operation, the bank has registered nearly one million leafs using blockchain. Emirates NBD is now further looking forward to opening up its blockchain platform while collaborating with other financial institutions in the UAE.