Emirates Bank Fights Fraud with Blockchainbr>
“We are currently working with the central bank of the UAE to add the blockchain security feature to our paper checks so we can prove that the technology is fit for purpose at production volumes,” said Emirates NBD CFO Ali Sajwani. “We are very excited at this prospect and we welcome the cooperation of other banks and institutions in developing the use case into not only a new standard for cheques but also to develop best practices that we can apply in other use cases.
Emirates NBD started deploying blockchain applications in 2016, when it started testing the tech for payments applications and joined an expansive research and information-sharing effort backed by the Dubai government. In the concept system, a check’s beneficiary and their bank could confirm the validity of the check, using blockchain technology to create an unforgeable ledger for verification purposes.
Last year, Emirates NBD successfully completed a proof of concept blockchain network for international remittances and open account trade finance, in partnership with ICICI Bank Limited, India’s largest private sector bank by consolidated assets, and Infosys Finacle.
Emirates is the largest bank by deposits in Dubai. The UAE has one of the youngest populations in the world, with an estimated 2.4 million, or one in four, millennials, according to Emirates NB