NBD to use blockchain for cheque issuance
The National Bank of Dubai (NBD) has become the first bank in the Middle East to successfully implement Blockchain technology in a cheque-issuance system to prevent fraud. News reports said the system works by means of printing a unique QR code on each cheque and putting the records on Blockchain. The ‘Cheque Chain’ technology is designed to provide higher authenticity of the issued cheques, as well as to the security standards across the UAE banking sector. Abdulla Qassem, NBD’s group chief operating officer noted the importance of the innovative technology deployment and highlighted that NBD bank is the first bank that offered such a service in the region.