Dubai’s largest bank, Emirates NBD, was the first to successfully implement blockchain technology to combat fraud in transactions with bank checks.
The UAE, in particular, the largest city in this country – Dubai, has always sought to keep pace with the times. Positive attitude to innovation has affected and blockchain decisions. Last month, the UAE government decided to use the blockchain in the tourism industry and to create a platform for tracking cars in Dubai.
In accordance with the general policy of the state, Emirates NBD announced the launch of a technology called Check Chain, which will create a unique QR code that will begin to print on every check and in new chequebooks. This blocking solution will significantly improve the security standards in the banking sector of the state.
According to NBD’s official statement, in the first month of experimental use of Check Chain, the bank registered about a million checks. After successful testing, NBD is looking for opportunities to implement the technology on the basis of blockchain in other financial institutions of the UAE.
“Emirates NBD intends to investigate the commercial use of this innovative technology. After successful testing, we are pleased to present Check Chain to all our customers in the country, becoming the first bank offering such a service, “said NBD Chief Operating Officer Abdullah Kassem.