Dubai Bank, Emirates NBD plans to Blockchain technology to combat check fraud is to implement. The project is under the name of the Check Chain to be published and used to fraud in connection with cheques, to reduce. Emirates NBD is one of the largest banking groups, values in the Middle East in terms of assets.
Abdulla Qassem, Chief Operating Officer of Emirates NBD Group, said:
“Emirates NBD is committed, according to the Dubai Blockchain strategy, which was launched by His Majesty Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, crown Prince of Dubai, to life, to explore the commercial use of this innovative technology. After a successful pilot phase, we are pleased to the Check Chain for our customers across the country to introduce and is the first Bank in the Region to offer this Service. This Initiative will strengthen our risk management and safety management processes, in particular through the reduction of cheque fraud.“
How does the project work?
NBD’s official Statement is that it works by using unique QR Codes which are printed on new cheque books. This QR Code then registers every Check in the Blockchain-a platform for the Bank and ensures that the Bank’s employees, as soon as the cheque has been received under the ICCS-technology of the Bank and released, the credibility of the checks to confirm and its source is constantly contact. As a result, the danger of misrepresentation or fraud is substantially reduced. In the first month, the Bank registered almost a Million with Blockchain-registered checks. It is now investigating the possibility to open the own Blockchain platform, with other financial institutions in the UAE to cooperate.
In order to understand how the Blockchain is the banking sector, revolutionize, one must first understand how the technology works. The Blockchain process is very simple. First someone asks for an exchange of crypto-currency. Then there’s the Computer, or “Hubs start”, this exchange prepare. If these are done with the Blockchain confirmed the exchange, the exchange of a specific address and stores the transaction with other existing transactions on the Blockchain.