Dubai has been one of the largest adopters of the blockchain technology and the latest adoption of the technology by the National Bank of Dubai (NBD) doesn’t come as a surprise. The National Bank of Dubai is now the first bank in the region to successfully implement the Blockchain technology in a check-issuance system to prevent fraud.
The NBD which is one of the largest banking groups in the Middle East by assets volume, has adopted “Cheque Chain” technology as a means of printing a unique Quick Response (QR) code on each check and putting the records on the Blockchain. This technology is designed to provide higher authenticity of the issued checks, as well as to the security standards across the UAE banking sector.
Abdulla Qassem, the bank’s Chief Operating Officer (COO) explained the aim of the technology:
“Emirates NBD is committed to exploring commercial uses for this innovative technology. After a successful pilot phase, we are pleased to roll out Cheque Chain to our customers nationwide, becoming the first bank in the region to offer this service.”
The NBD official statement also disclosed that the bank has registered around one million cheques on Cheque Chain in the first month of the pilot deployment. The success of the test has lead to the search for more opportunities to try out the Blockchain-powered banking technology across other UAE financial institutions.
The blockchain technology has been warmly received in the The UAE as the Vice President and Prime Minister of the UAE and Ruler of Dubai
launched the ‘UAE Blockchain Strategy 2021 ’, just last week. The goal is for the UAE to become a world leader in the deployment of the technology.
What is your take on the adoption of the cheque technology in the NBD, do you think other banks in the world will follow suit? Let us hear your opinion in the comment section!
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
The advent of Bitcoin has paved the way for seamless cross-border payments. The demand for third-party intervention in financial transactions...
Explore, Build Assets, Fight and Earn in the Supernova Space
A new economy was opened in 2017 when blockchain was integrated into gaming to produce the first Web3 game: CryptoKitties....
Owl.Games: The Rise of Crypto Games in the Casino Industry
Crypto gaming used to be new a few years ago but it’s going mainstream now. However, there are some sectors...
BCAT Africa: Reducing Unemployment in Africa
One of the greatest lines spoken in the Spiderverse is “with great power comes great responsibility”, although it can be...
Gamified NFT Platform Trove Announces Launch Partners SideQuest
Trove has announced its new Launch Partnership with SideQuest, a gamified risk-to-earn NFT collection. It was announced on Twitter today. ...
- Move To Earn: Keep Fit, Sport, Connect and Earn on the Calo Metaverse
- Top 5 Move-to-earn Applications on Google Playstore
- Top Move-to-Earn Projects Below $100 Million Market Cap
- MetaRuffy: An Intersection of Blockchain, Web3, VR, and AR
- Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa