Emirates Islamic Bank offers Blockchain checks

Emirates Islamic Bank will use blockchain to decrease cheque fraud

Emirates Islamic Bank, has integrated its paper checks into Blockchain under the new service “Cheque Chain”. Emirates NBD the mother company of Emirates Islamic Bank has tested it months ago in conjunction with the Central Bank of the UAE. It is an attempt to reduce fraud as it carried a unique QR code on every check leaf along with a strand 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. As he stated, “ “Blockchain has the potential to significantly increase security and protection in banking transactions and we are delighted to be among the first in the UAE to utilise this new technology.”