Emirates NBD is embarking on a pilot that will see it use blockchain technology to boost the security of its cheques.
The first stage of the 'Cheque Chain' initiative will see bank employees pilot the use of cheques with QR codes designed to make them harder to forge.
Later, Emirates NBD plans to make the QR codes register each cheque on the bank’s blockchain platform. This will ensure that once it is received and cleared staff will be able to validate the cheque’s authenticity and have access to its source at all times.
Abdulla Qassem, group COO, Emirates NBD, says: "Cheque Chain will bring an added layer of security to our cheque clearing system, and ensure that each cheque issued will be verified under the bank’s system with its own unique QR code providing significant improvement in cheque security."
The bank says that Cheque Chain is just the beginning of a significant strategy to integrate blockchain technology into existing products and services to boost security.