One of the Middle East’s largest banking groups is partnering with the central bank of the United Arab Emirates on a blockchain trial focused on bank check fraud.
Emirates NBD first waded into the blockchain world last year, when it started testing the tech for payments applications and joined an expansive research and information-sharing effort backed by the Dubai government.
According to Ali Sajwani, Emirates NBD’s chief information officer, those early efforts (both internal and collaborative) yielded key insights, namely that “the technology already has some real world applications for the short to medium term”.
That led to the payments trials as well as ongoing work to apply the tech to its paper check process. Under the proposed system, the beneficiary of a cheque (as well as their bank) would be able to check whether it is valid, relying on a blockchain as a tamper-proof verification layer.
That work, Sajwani said, has continued to advance, and Emirates NBD is working with the UAE’s central bank on the initiative.
He went on to explain:
“We are currently working with the central bank of the UAE to add the blockchain security feature to our paper cheques, so we can prove that the
Read more ... source: CoinDesk
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