Dubai’s bank, Emirates NBD plans to reduce cheque frauds by implementing a blockchain technology. ‘Check Chain’ is the name of the project to effectively go live, with the sole point being to reduce check related frauds. Emirates NBD is one of the largest banking groups in the Middle East in terms of assets.
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 nationwide, 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.”
How will this project work?
According to the NBD official statement, Check Chain empowers a one of a kind QR (Quick Response) code which will be printed on each leaf of recently issued cheque books. This QR code then registers each cheque on the bank’s blockchain platform, guaranteeing that once the cheque is received and cleared under the bank’s ICCS technology, bank staff can approve the check’s credibility and approach its source constantly. In doing as such, this essentially reduces the danger of misrepresentation or fraud. In its first month, the bank registered close to one million leafs using blockchain. It is now exploring the possibility of opening its blockchain platform to collaborate with other UAE financial institutions.
To understand how blockchain will change the banking sector, you first need to understand how it works. The blockchain procedure is extremely simple. To start with, somebody requests an exchange by using cryptocurrency. When they do, PCs, or “hubs,” hop to work preparing the exchange. At the point when the hubs are done, blockchain confirms the exchange, gives it a one of a kind address, finishes it, and spots it as another piece inside the strand of existing squares.
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