Major UAE Bank Successfully Implements Blockchain For Fraud Prevention
According to Arabian Business, the National Bank of Dubai (NBD) – one of the largest Middle Eastern banks by asset volume – has successfully launched a blockchain-based check-issuance system to prevent check fraud.
The system works by printing a Quick Response (QR) code on checks and recording them on a blockchain. The goal of the technology, dubbed “Cheque Chain”, is to provide greater authenticity and security within the UAE banking sector.
In an official statement from the NDB, the bank had registered approximately one million checks in the first month alone. With a successful pilot deployment, NBD is now looking for other areas of the banking sector to deploy blockchain-based technologies.
Abdulla Qassam, NBD’s group chief operating officer, stated that “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.”
The UAE – in partner with the city of Dubai – are aggressively pursuing blockchain technologies across government and financial systems. As reported by Coindesk last week, the Vice President and Prime Minister of the UAE and Ruler of Dubai officially released the ‘UAE Blockchain Strategy 2021”. The goal of said strategy is to make the UAE and Dubai a global leader in blockchain deployment.