Dubai’s “Cheque Chain” is Coming Soon! Will Cheating Be Reduced?

Image for post
Image for post

Recently, some media reported that Dubai may launch a “check chain ”. What is the check chain? As the name suggests, the check chain is mainly a platform for handling checks. In this project, it is stipulated that all issued cheques have their own unique QR code, and this QR code is registered on this check chain platform. In this way, we can use blockchain technology to check the source of checks, and we can also more simply determine the authenticity of checks.

The UAE’s NBD is Dubai’s largest bank. The bank has already cooperated extensively with a blockchain technology-based projectcalled the “cheque chain” in order to significantly reduce cheque-related fraud.

Dubai has always been happy to adopt blockchain-based technology and has been using innovative solutions in a range of industries such as automotive and tourism.

UAE’s largest banks — Emirates NBD announced the launch of this trend in the blockchain technology-based chain checks, aimed at enhancing the safety standards of the UAE banking sector, and benefits for its customers.

Abdulla Qassem, chief operating officer of the bank, said:

“The United Arab Emirates NBD is committed to exploring the commercial use of this innovative technology. We are pleased to launch a check chain to customers across the country after a successful pilot phase and become the first bank in the region to provide this service. ”

”This initiative in particular can reduce check fraud, which will greatly enhance our security and risk management processes.

The recent trend of Dubai on the blockchain shows that both the Dubai bank and the government have attached great importance to the benefits of blockchain technology. The policy of launching the cheque chain this time is no exception. Once this idea is realized, it can save manpower and material resources to a great extent. This is undoubtedly a good thing for us. It will also promote the interbank business.

Marko Vidrih

@cryptomarks

Written by

Most writers waste tremendous words to say nothing. I’m not one of them.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store