Dubai’s Largest Bank Will See Customer Cheques on a Blockchain This Year

UAE retail banking giant Emirates NBD will introduce blockchain technology into cheques to minimize fraud and strengthen their authenticity.

Announced this week, the banking group has launched the pilot phase of its initiative titled ‘Cheque Chain’. According to the bank, the ‘initiative is the beginning of a significant strategy by Emirates NBD to integrate blockchain technology into existing products and services.’

This sweeping adoption of blockchain technology, the bank adds, is to implement the best digital security systems available. Blockchain technology enables an immutable timestamped record of data stored on a decentralized ledger that can be accessed by multiple participants at the same time. The technology does not rely on a single central database, negating fears of a single point of failure and altogether making for a quantum leap in digitized security.

“[I]n exploring the potential of blockchain technology, we are delighted to be the first bank in the country to utilize this remarkable new technology to strengthen and upgrade our internal processes,” stated Emirates NBD Group CEO Abdulla Qassem.

Cheques over a Blockchain

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Read more ... source: CryptoCoinsNews

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