National Bank of Dubai (NBD), one of the largest banking groups in the Middle East by asset volume, has reportedly become the first bank in the region to successfully implement Blockchain technology in a check issuance system to prevent fraud .
According to the official statement of the NBD, the bank has registered about one million checks on the Control Chain in the first month of implementation. After the successful test, NBD is looking for opportunities to open banking technology through Blockchain to all other financial institutions in the United Arab Emirates, Telegraph reports.
Abdulla Qassem, chief operating officer of NBD group, noted the importance of deploying innovative technology and emphasized that NBD bank is the first bank to offer such a service in the region.
"NBD is committed to exploring commercial uses for this innovative technology. After a successful pilot phase, we are pleased to open the chain of custody to our customers nationwide, becoming the first bank in the region to offer this service,” he said. /Telegraph/
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