One of the main banking entities of the United Arab Emirates (UAE), the Emirates NBD bank, has recently published a full-scale application, for the first time on its platform, that uses the Blockchain Technology to authenticate checks – the Check Chain service.
According to the official statement, the Check Chain service processed approximately 1 million checks using the blockchain technology to verify the authenticity, in the first month of operation. A commitment to the Blockchain that seeks to significantly strengthen the administrative processes of risks and security, focusing on the reduction of checks fraud, a problem that has affected the Emirates NBD for years.
The financial institution believes that this adoption will improve the security standards within its corporation, Emirates NBD Group, and throughout the banking sector of the United Arab Emirates. Since its trial stage, this application has worked in different banking institutions in the region, such as Emirates Islamic.
Check Chain platform is part of the UAE’s wider plan of the blockchain technology adoption
Check Chain works by including a QR code to each printed check, accompanied by random 20 characters. These characters, along with the QR code, will be registered in the blockchain to authenticate and track the origin of the check at the time of use, in order the use of false checks.
This innovation is part of the United Arab Emirates strategy to become a nation that uses blockchain technology to carry out most of its transactions. This nation has already implemented this technology in various social sectors.
The Check Chain platform, implemented by Emirates NBD, is, at the moment, a blockchain technology that has not been replicated elsewhere. This platform invites technological developers to adapt to the principle of the blockchain to satisfy the needs that different sectors, financial or not, require. Innovation is the key to a more secure future.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.