The solution is called “Cheque Chain”, and its launch comes months after Emirates NBD tested the feature together with the central bank of the United Arab Emirates. According to CoinDesk, the bank announced that the new issued check books will “carry a unique QR code on every [check] leaf, along with a string of 20 random characters”.
The Cheque Chain solution aims to reduce fraud in the market significantly, bank’s representatives said. In addition, the country is not new to bank check fraud. According to the Khaleej Times, an English media service that covers UAE news, at least two cases were reported in May 2017.
The detailed timeline of the project is unknown. However, during the launch phase to come, the bank’s internal blockchain will be used to register each leaf so that it can “validate the authenticity of the [check] at source”, the online publication continues.
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