THELOGICALINDIAN - The better coffer of Dubai Emirates NBD has gone alive at calibration with a blockchainbased activity alleged Cheque Chain to essentially cut off checkrelated fraud
Dubai has consistently been absolutely animated back it comes to all-embracing blockchain-based technology. We’ve apparent it adopting avant-garde solutions based on it beyond a ambit of industries such as automobile and tourism.
Following this tendency, the emirate’s better coffer – Emirates NBD, announced the roll-out of Cheque Chain, a blockchain-based technology advised to strengthen the aegis standards beyond the cyberbanking area in the UAE, for the allowances of its customers.
The bank’s Chief Operating Officer (COO) Abdulla Qassem stated:
As the name suggests, the activity is mainly geared appear affairs handled with checks. It enables a different QR cipher to be laid out on every distinct blade of anew issued checkbooks. This cipher shall again annals anniversary of the cheques on the blockchain belvedere of the bank. Essentially, this would acquiesce the bank’s agents to validate the actuality of the cheque as able-bodied as to accept complete admission to its antecedent at any accustomed moment.
“This action will decidedly strengthen our accident and aegis administration processes, decidedly through the abridgement of cheque fraud” – the bank’s COO goes on to say.
While the actuality that the better coffer of Dubai has clearly accustomed the allowances of blockchain-based technology is absolutely austere on its own, it’s additionally account acquainted that their affairs assume to be alike added substantial.
In the actual aboriginal month, the coffer said that it has managed to annals about one actor leaves with this technology. However, it’s additionally exploring the possibilities of aperture up Cheque Chain’s technology in adjustment to coact with a ambit of added affecting UAE institutions in the banking sector.
Do you anticipate blockchain-based technology is demography off in the UAE? Will added countries follow? Please let us apperceive in the comments below!
Images address of Pixabay; Bitcoinist Archives
