Emirates Islamic to have Blockchain for cheques

Emirates Islamic, an Islamic financial institution in the UAE, said it will introduce Blockchain technology into its cheques as a fraud prevention measure.

Under its Cheque Chain initiative, Emirates Islamic will issue new cheque books carrying a unique QR code on every leaf, along with a string of 20 random characters. In the next phase of the Cheque Chain project, the bank will have each cheque leaf registered on the Bank’s Blockchain platform, enabling it to validate the authenticity of the cheque at source.

“Blockchain has the potential to significantly increase security and protection in banking transactions and we are delighted to be among the first in the UAE to utilise this new technology,” said Suhail Bin Tarraf, COO, Emirates Islamic. “We anticipate that Cheque Chain will dramatically reduce cheque frauds in this market helping us provide our customers greater peace of mind and security."