Emirates NBD has Launched Cheque Chain Blockchain Platform
Blockchain in the Banking Sector
Dubai is very friendly when it comes to Blockchain technology. Since the technology came in space, many sectors including automobile and tourism have embraced the technology to ensure efficiency. With this becoming the trend Emirates biggest bank Emirates NBD has come up with its own Blockchain platform called Cheque Chain which is intended to strengthen the bank’s security standards in the UAE banking sector in order to customers to enjoy maximum benefits.
Abdulla Qassem, the bank’s COO, stated that:
“Emirates NBD has committed itself to exploring the Blockchain technology. We have a very successful pilot phase, and now we are pleased to roll out Cheque Chain to all our customers. We are happy to be the first bank to offer this service in the country.”
What is cheques chain and how will it function?
Similar to its name the project is geared towards ensuring safety in transactions involving cheques. All cheques issued will have a unique QR code which shall register each cheque on the bank’s Blockchain platform. This will enable the bank staff has an easy time in validating the authenticity of the cheque as well as having complete access to its source all the time.
Abdulla went on to state that:
“The main aim of this initiative is to strengthen our security and risk management process especially by ensuring the reduction of cheque fraud.”
The hank said that they had seen the benefits of Blockchain and they have many more plans for the technology. In fact, the bank has already registered more than one million cheque leaves using this technology within its first month of operation. They have gone on to state that they will open up the Cheque chain technology in order to partner with other influential financial institutions in the country, so as to make the technology more reachable and even more efficient.