Emirates NBD known as one of the largest banks in the Middle East according to the assets value, successfully implemented blockchain technology in response to fraud.
As Arabian Business informed, this system puts the unique QR code for every cheque, and also records information in blockchain. The so-called technology “Cheque Chain” aims to increase the authenticity level of cheques edited by the Bank. Another target is to increase the safety level of the whole bank sector of the United Arab Emirates.
Within the first month of technology exploitation Emirates NBD registered about one million of cheques with the help of Cheque Chain technology. Nowadays Emirates NBD is planning to expand the pilot project usage for other bank institutions of the United Arab Emirates.
As Abdulla Kassem, an operational director of Emirates NBD, said, Emirates NBD intended to find an opportunity of commercial usage of this innovative technology. After a successful pilot phase they recommend Cheque Chain to all their clients throughout the country. Thus, Emirates NBD is the first bank of the region which offers such kind of service.
The United Arab Emirates has positive attitude to blockchain technology. Last week the Vice-President and Prime Minister of the country presented blockchain strategy of UAE till 2021. The main target of this strategy is to make the country the leading state in the context of the technology development.