Abu Dhabi Global Market (ADGM) says it is convinced of the blockchain and will soon apply the technology for its financial courts. The institution made the announcement during its address to Abu Dhabi Finance Week, which runs from November 14 to 18.
Financial Market Courts: Abu Dhabi Leverages Blockchain Immutability
Abu Dhabi Global Market (ADGM), the international financial center in the capital of the United Arab Emirates, is a free zone. The institution operates according to its business rules to ensure a favorable business environment. In particular, ADGM has its own courts, the ADGM Courts. The financial center says it will soon adopt blockchain for its financial market courts. This presupposes safe and immutable judgments.
Thanks to technology, the decisions will be immediately available to the various parties and the enforcement courts. This via the ADGM website, an API or directly on the blockchain for affiliated courts. The blockchain solution means significant time and cost savings for all parties involved in a lawsuit. According to the ADGM, the new system will be operational from the first quarter of 2023.
Abu Dhabi Global Market: Safer Processes for Commercial Litigation
Abu Dhabi Global Market (ADGM) is a resolutely digital financial center. The institution is probably the first to implement a fully digital financial markets court. All services (file archiving, file management, access to evidence, etc.) are available online. The court even has digital courtrooms.
The blockchain implementation adds a layer of security to the ADGM Courts process. Indeed, the blockchain is a decentralized and reliably distributed system that does not depend on any third party. The trust relationship between the distributed nodes is established by mathematical methods and cryptography technologies. ADGM capitalizes on this immutability. This promotes impartiality, transparency and fairness, in addition to easy access to due process of commercial and financial disputes.
This groundbreaking initiative by the Abu Dhabi Global Market aims to bring about lasting change in the commercial law industry. Blockchain facilitates and secures processes and guarantees faster and more reliable execution of cases heard by financial markets courts, internationally.
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