The National Bank of Dubai (NBD), which is one of the largest financial groups in the Middle East, is the first bank in the region that has implemented the blockchain technology for internal banking purposes: in a check-assurance system, to prevent check fraud cases.
The system works in the following way: after a transaction is made, the system issues a unique Quick Response Code (QR Code), that will be used to input data in the blockchain. This technology already got its name, it is called “Cheque Chain” and provides a higher authenticity level to the issued checks. As well, it is expected, that the security standard in the UAE banking sector will increase significantly. For now, the all potential of the new technology is still unclear, but there are ideas that it can bring many improvements in the banking sector. The NBD is going to explore the application options more in-depth and is ready to roll the system to the international customers if required.