{"id":124592,"date":"2018-04-21T18:00:04","date_gmt":"2018-04-21T22:00:04","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=124592"},"modified":"2021-07-20T06:26:03","modified_gmt":"2021-07-20T10:26:03","slug":"powered-by-blockchain-cheque-clearing-system-goes-live-in-dubai","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/powered-by-blockchain-cheque-clearing-system-goes-live-in-dubai","title":{"rendered":"Powered by Blockchain, Cheque Clearing System Goes Live in Dubai"},"content":{"rendered":"

Dubai\u2019s biggest lender Emirates NBD is one of the first banks in the world to integrate blockchain technology in issuing cheques to cut down on cheque frauds. Accordingly, Emirates NBD just announced the fraud prevention project \u201cCheque Chain\u201d to its customers as a result of the successful pilot program initiated last year.<\/strong><\/p>\n

Also see:\u00a0Vitalik Buterin Talks Crypto Hype, Leadership in New Interview<\/a><\/strong><\/em><\/p>\n

Join the\u00a0Bitsonline Telegram channel<\/a>\u00a0to get the latest Bitcoin, cryptocurrency, and tech news updates:\u00a0https:\/\/t.me\/bitsonline<\/a><\/strong><\/em><\/p>\n

Blockchain Prevents Cheque Fraud<\/p>\n

Last year, Emirates NBD \u2014 one of the largest banking groups in the Middle East \u2014 initiated a pilot to integrate blockchain technology into its cheque-clearing system. It also partnered with the Central Bank of the United Arab Emirates on a trial program to add a blockchain security feature on paper cheques.<\/p>\n

Following the successful trials, Emirates NBD is ready to deploy the blockchain-backed program Cheque Chain to its customers across the country. The system is designed to strengthen cheque security and minimize potential fraud activities.<\/p>\n

Emirates NBD Group CEO Abdulla Qassem noted<\/a>:<\/p>\n

\u201cEmirates NBD is committed to exploring commercial uses for this innovative technology. After a successful pilot phase, we are pleased to roll out Cheque Chain to our customers nationwide, becoming the first bank in the region to offer this service.\u201d<\/p>\n

An Added Security Layer<\/p>\n

According to the bank, the Cheque Chain system will entail printing a unique QR (Quick Response) code on each cheque leaf of a chequebook. The printed QR codes are recorded on the blockchain, therefore a bank employee can have access to the information at all times. Each time a cheque is received, it will be verified under the bank\u2019s system with its very own printed QR code.<\/p>\n

Emirates NBD claims to have recorded about one million cheques on the blockchain. The success has led the bank to contemplate on partnering with other financial institutions in the country.<\/p>\n

\u201cThis initiative will significantly strengthen our risk and security management processes, particularly through the reduction of cheque fraud,\u201d said the aforementioned Qaseem.<\/p>\n

In similar news, Dubai\u2019s Department of Tourism and Commerce Marketing just launched a blockchain-based virtual tourism marketplace, dubbed Tourism 2.0, as a platform to connect tourists to hotels and tour services. It seems blockchain is really starting to take off in the city.<\/p>\n

Will other banks in the world employ blockchain technology for cheque clearing processes? Share your views in the comments section.<\/em><\/strong><\/p>\n

Images via Birmingham Mail, This Is Money<\/em><\/p>\n

The post Powered by Blockchain, Cheque Clearing System Goes Live in Dubai<\/a> appeared first on Bitsonline<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai\u2019s biggest lender Emirates NBD is one of the first banks in the world to integrate blockchain technology in issuing cheques to cut down on […]<\/a><\/div>","protected":false},"author":810,"featured_media":124593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-124592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\nPowered by Blockchain, Cheque Clearing System Goes Live in Dubai - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Dubai\u2019s lender Emirates NBD is one of the first banks in the world to integrate blockchain in issuing cheques to cut down on cheque frauds.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/124592\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Powered by Blockchain, Cheque Clearing System Goes Live in Dubai\" \/>\n<meta property=\"og:description\" content=\"Dubai\u2019s lender Emirates NBD is one of the first banks in the world to integrate blockchain in issuing cheques to cut down on cheque frauds.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-21T22:00:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-20T10:26:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/04\/article-2243136-0CFB92B800000578-237_1024x615_large.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"615\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Akshay Makadiya\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Akshay Makadiya\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/124592#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/124592\"},\"author\":{\"name\":\"Akshay Makadiya\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/cce0102e2f37abfbc54b9b70b4638934\"},\"headline\":\"Powered by Blockchain, Cheque Clearing System Goes Live in Dubai\",\"datePublished\":\"2018-04-21T22:00:04+00:00\",\"dateModified\":\"2021-07-20T10:26:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/124592\"},\"wordCount\":438,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/124592#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/04\/article-2243136-0CFB92B800000578-237_1024x615_large.jpg\",\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/124592\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/124592\",\"name\":\"Powered by Blockchain, Cheque Clearing System Goes Live in Dubai - 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