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Emirates NBD partners with UAE Central Bank to trial blockchain for fighting check fraud

Thursday 30 March 2017 | 08:56 AM CET

Emirates NBD, one of the Middle East’s largest banking groups, has teamed up with the Central Bank of the United Arab Emirates on a blockchain trials focused on bank check fraud.

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.

That led to the payments trials as well as ongoing work to apply the tech to its paper check process. Under the proposed system, the beneficiary of a cheque (as well as their bank) would be able to check whether it is valid, relying on a blockchain as a tamper-proof verification layer.

In October 2016, the bank also participated to a cross-border payments trial with India-based banking institution ICICI. That test involved transmitting a transaction between an ICICI branch in Mumbai to an Emirates NBD branch in Dubai, recording on a distributed ledger.

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