Hamilton says he had forgotten what it's like to lead after finishing second ahead of Perez
Shaikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, the UAE's largest bank, announced the bank's move in partnership with ICICI Bank of India.
The initiative, a first for a private sector entity in the UAE, came within days after Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, announced a plan that would see all government documents secured on a blockchain by 2020, a move that has the potential to generate 25.1 million hours of economic productivity each year in savings, while reducing carbon emissions.
In theory, blockchain technology, which is also known as distributed ledger, allows a bank to track every fils along every step of its journey for every transaction in real time.
The blockchain's decentralised, immutable ledger can permanently log modifications to a network or database, preventing intruders from covering their tracks.
With blockchain, all the parties - importers, exporters and banks - can view the data in real time. It helps track documents, digitally authenticate ownership of assets on unalterable ledger and execute transactions through encrypted and secure digital contracts. With no manual intervention, the automated process allows courier of paper documents across countries and verification through trade intermediaries.
Overseas remittances for retail customers at lower costs are also possible with the new technology in real time. Currently, international remittances take a few hours to up to two days.
Shaikh Ahmed announced that the bank is currently engaged with conducting trials of the blockchain technology across multiple banking and payment services. The use case scenarios range from customer-facing and government transactions to internal systems to harness blockchain's potential to simplify, secure and automate business processes.
"Our pilot project, a first for the banking sector in the UAE, demonstrates blockchain's immense potential to change how organisations and governments conduct business. We look forward to further collaboration with the public sector and our private peers to further adopt this technology in the UAE," said Shaikh Ahmed.
"We anticipate blockchain to be a potential game changer in creating a secure, scalable, cost and time-efficient digital ecosystem for government and businesses. As a bank that has pioneered digital innovation in banking and payments in the UAE, we are excited to take the lead in testing future applications of this technology in the banking sector," said Shaikh Ahmed.
Hamilton says he had forgotten what it's like to lead after finishing second ahead of Perez
The defence ministry said it intercepted 50 Ukrainian drones overnight
Media reports had suggested the trip would begin as soon as Sunday and last two days
Visitors can enjoy movies with family favourites, including ‘The Jungle Book’, ‘Jumanji’ and ‘Zootopia’ to match the wild theme every evening from 8pm
Sheikh Mohamed conveyed his congratulations to all eight honourees, recognising their inspiring efforts and significant contributions in service to society
His father thanked everyone who participated in the search mission despite the challenges posed by flooding in various parts of the emirate
It will be humid by night and Sunday morning with a probability of mist formation over some coastal and internal areas
Nearly 6,000 volunteers linked to a single support group are working tirelessly across the country to help those affected