The National Bank of Dubai (NBD), one of the largest banking groups in the Middle East by assets volume, has reportedly become the first bank in the region to successfully implement Blockchain technology in a check-issuance system to prevent fraud.

Furthermore, the system works by means of printing a unique QR code on each check and putting the records on Blockchain. The so-called "Cheque Chain" technology is designed to provide higher authenticity of the issued checks, 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.

“Emirates 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.”

The UAE and city of Dubai are aiming to become a world leader in the blockchain technology development and implementation.

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