One of the largest banks in the Middle East Emirates NBD has successfully implemented blockchain in a check-issuance system.
According to Arabian Business, the system assigns a unique QR-code to every check and records data on blockchain. This so-called “Cheque Chain” mechanism is aimed at increasing the level of authenticity of checks issued by the bank and, in general, the level of security of the whole sector in the UAE.
After a month of pilot deployment, Emirates NBD has registered about one million checks. The bank is now planning to expand the use of the pilot project to other banking institutions in the Arab Emirates.