One of the leading banks of United Arab Emirates (UAE) ‘Emirates NBD’ has successfully tested ‘Cheque Chain’ which is a blockchain system integrated with the issued cheques in order to minimise cheque frauds and further strengthen the authenticity of the issued cheques.

As described in the official announcement, Cheque Chain allows to create a unique QR(Quick Response) code to be printed on every leaf of all the newly issued cheque books. The unique code will then be registered on the bank’s blockchain platform making sure that once the cheque gets cleared, the bank staff can validate its authenticity and give access to its source whenever required. This way, it would considerably reduce the risk of fraud or any attempt of 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.