Biggest Dubai bank Launches Blockhain-based project called “Cheque Chain.” The project is mostly aimed at the transactions that are handled with checks. It allows for the unique QR code to be set out on every single page of issued checkbooks.
23 April, AtoZ Markets – Emirates NBD, the biggest Dubai bank, has launched a Blockchain-based project entitled “Cheque Chain.” The project aims to significantly decrease check-related fraud.
Biggest Dubai Bank Launches Blockhain-based Project
Dubai, in fact, has always been following the best innovation practices related to the Blockchain-based technology. Some of the institutions in Dubai have been adopting innovative solutions in such sectors, as tourism and automobile industry.
Following the same path, the largest bank of Dubai, Emirates NBD, has announced the launch of Cheque Chain. The project is a Blockchain-based technology that is intended to solidify the security standards across the banking sector within the country. It is expected that the project will largely benefit the customers of the bank.
The bank’s Chief Operating Officer (COO) Abdulla Qassem has commented on the news:
“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.”
What is Cheque Chain?
Just as its name suggests, Cheque Chain is mostly aimed at the transactions that are handled with checks. It allows for the unique QR code to be set out on every single page of issued checkbooks.
The code will register each of the cheques on the Blockchain platform within the bank system. This would allow the bank’s staff to double check the authenticity of the cheque as well as to have complete access to the source. Abdulla Qassem further explains:
“This initiative will significantly strengthen our risk and security management processes, particularly through the reduction of cheque fraud.”
The move from Dubai bank emerges as a significant event in the Blockchain community. However, reportedly, the plans of Emirates NBD are even more important and serious.
During the first month of the project, the bank has reported that it has managed to register almost one million pages with this technology.
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