Blockchain technology continues to make inroads in the financial sector. There are dozens of new opportunities waiting to be explored. For Emirates NBD, registered cheques on a blockchain is the new venture to look into. This will help reduce the risk of forgery and bring cheque fraud to an end once and for all.

For Emirates NBD, now is the time to explore blockchain-based opportunities. With so many options to check out, making the right decision is not all that easy. Registered cheques on a blockchain isn’t necessarily a venture most financial service providers would explore. Even so, there are benefits to taking this approach. First of all, a blockchain can help reduce the risk of forgery. Secondly, it can reduce overall potential fraud, which is a positive sign.

Emirates NBD and Blockchain Technology

Emirates NBD dubs this system as ChequeChain. More specifically, the venture system prints a unique QR code on every leaf of newly issued chequebooks. With this code, every cheque is registered on the bank’s blockchain platform. In doing so, the entity can guarantee there are no forged or duplicate payment methods in circulation. Additionally, bank staffers have access to the source at all times.

For the time being, Emirates NBD will roll out this system across the UAE. This decision was made after a successful trial in the past few months. If successful in the real world, the bank will gain a major advantage over other firms. With their focus on strengthening risk and security management processes, Emirates NBD is certainly heading in the right direction.

So far, over one million leafs have been registered on the blockchain. That means there are almost 1 million cheques no longer subject to forgery and fraud. It is a drop in the bucket, but a positive start nonetheless. Bringing financial innovation to the UAE will undoubtedly result in positive future momentum. It also helps validate the potential for blockchain technology in the financial sector.

Header image courtesy of Shutterstock

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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