Emirates Islamic Bank launches blockchain-based check service

posted 11 months ago
Emirates Islamic Bank, part of the wider Emirates NBD group, is formally integrating blockchain into its paper checks.

The launch of "Cheque Chain", announced today, comes months after Emirates NBD tested the feature in conjunction with the central bank of the United Arab Emirates. The banking group began testing the tech in a bid to reduce fraud.

As one of the largest financial groups in the UAE, the bank announced on that it will issue new check books that "carry a unique QR code on every [check] leaf, along with a string of 20 random characters".

Suhail Bin Terraf, the bank’s chief operating officer, said in a statement that be believes that the Cheque Chain solution will reduce fraud in the market significantly.
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