Emirates NBD, Dubai’s major bank, is now able to tackle check-related fraud using a new blockchain system called Cheque Chain.
After its Future Lab’s pilot last year, this release sees the bank becoming the first Emirates bank to offer such a service to customers. Cheque Chain works using a QR code printed on each leaf of new checkbooks issued. The code registers each check on the bank’s blockchain platform which validates its authenticity and is fully traceable at any moment.
In the very first month, the bank said that it has managed to register almost 1 million leaves with this technology and plans to roll out the solution right across the country.
Emirates NBD Chief Operating Officer, Abdulla Qassam, commented that the bank was committed to exploring uses for this innovative technology which “will significantly strengthen our risk and security management processes, particularly through the reduction of cheque fraud”.
Dubai is a forward-thinking player in the blockchain environment; its enthusiasm for new technology is not simply limited to banking. Just recently The Dubai Department of Tourism and Marketing (DTCM) launched Tourism 2.0, a blockchain enabled marketplace connecting buyers to hotels and tour operators. It commented:
“By accessing hotel occupancy and room rates, operators can communicate offers and availability more effectively to their customers.”
The DTCM said that the new concept would bring Dubai another step closer to reaching its 2020 goals to establish Dubai as the “leading destination for global travel, business, and events”. Dubai’s Tourism Vision 2020 has set a goal of 20 million visitors per year by the year 2020. In 2017, Dubai registered 15.79 million visitors, an increase of 6.2% over the previous year.
Dubai also recently launched Artbank, the world’s first digital bank for art which uses cryptocurrency for trading in artworks. The program has been initiated as part of the Dubai 10X initiative which seeks to place the Gulf state 10 years ahead of the world in all sectors.