Emirates NBD has announced the roll-out of Cheque Chain, a blockchain-based technology intended to strengthen the security standards across the banking sector in the UAE.
The project is mainly geared towards transactions handled with checks. It enables a unique QR code to be laid out on every single leaf of newly issued checkbooks. This code shall then register each of the cheques on the blockchain platform of the bank. Essentially, this would allow the bank’s staff to validate the authenticity of the cheque as well as to have complete access to its source at any given moment.
In the very first month, the bank said that it has managed to register almost one million leaves with this technology. However, it’s also exploring the possibilities of opening up Cheque Chain’s technology in order to collaborate with a range of other UAE institutions in the financial sector.
The bank 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.