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Emirates NBD checking blockchain to counter cheque fraud

Emirates NBD, one of the largest banking groups in the Gulf, is partnering with the Central Bank of the United Arab Emirates on a blockchain trial focused on bank cheque fraud.  The bank has been testing several technologies for payments applications and had joined a research and information-sharing effort backed by the Dubai government. Ali Sajwani, CIO, Emirates NBD, said these early efforts yielded key insights, namely that the technology already has some real-world applications for the short to medium term. Under a proposed system, the beneficiary of a cheque (as well as the bank) would be able to check whether it is valid, relying on a blockchain as a tamper-proof verification layer. Sajwani also mentioned about the bank’s participation in a cross-border payments trial with India’s ICICI Bank. He said this test involved transmitting a transaction between an ICICI Bank branch in Mumbai to an Emirates NBD branch in Dubai, recording on a distributed ledger.

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