Abu Dhabi Global Market (ADGM) says it is convinced by blockchain and will soon adopt the technology for its financial courts. The institution made the announcement during its keynote speech at the Abu Dhabi Financial Week, which will take place from November 14-18.
Financial Markets Courts: Abu Dhabi leverages the immutability of the blockchain
Abu Dhabi Global Market (ADGM), the international financial center in the capital of the UAE, is a free zone. The institution operates according to its own business rules to ensure a conducive business environment. ADGM notably has its own courts, the ADGM Courts. The financial center says it will soon adopt the blockchain for its financial market courts. This presupposes safe and immutable judgments.
Thanks to the technology, decisions will be immediately available to the various parties and to the executive courts. This, via the ADGM website, an API or directly on the blockchain for member courts. The blockchain solution implies considerable savings in terms of time and costs for all parties involved in a legal dispute. According to the ADGM, the new system will be operational from the first quarter of 2023.
Abu Dhabi Global Marketplace: Safer Processes for Commercial Legal Cases
Abu Dhabi Global Market (ADGM) is a resolutely digital financial centre. The institution is probably the first to have implemented a fully digital financial markets court. All services (archiving of files, case management, access to evidence, etc.) are available online. The courthouse even has digital courtrooms.
The implementation of the blockchain adds a layer of security to the ADGM courts process. The blockchain is in fact a decentralized and reliable distributed system that does not depend on a third party. The trust relationship between distributed nodes is established by mathematical methods and encryption technologies. ADGM takes advantage of this immutability. This promotes impartiality, transparency and justice, as well as providing easy access to a fair trial of commercial and financial disputes.
This pioneering Abu Dhabi global market initiative aims to drive lasting change for the trade justice sector. Blockchain facilitates and secures processes and ensures faster and more reliable execution of cases handled by financial markets courts, internationally.
Receive a round-up of the news in the world of cryptocurrencies by subscribing to our new servicedaily and weekly so you don’t miss any of the indispensable Cointribunes!
I stumbled upon the cryptosphere by accident and witnessed the birth of a new era, that of DeFi. It is about economic freedom, transparency and opportunities available to all. This is a universe that deserves to be known.