Abu Dhabi Global Market (ADGM) says it is convinced by the blockchain and will soon adopt the technology for its financial courts. The institution made the announcement during its address to Abu Dhabi Finance Week, which runs from November 14-18.
Financial Markets 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 under its 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 blockchain for its financial market courts. This presupposes secure 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 member courts. The blockchain solution implies substantial savings in terms of time and costs for all parties involved in a legal case. According to the ADGM, the new system will be operational from the first quarter of 2023.
Abu Dhabi Global Market: more secure processes for commercial legal cases
Abu Dhabi Global Market (ADGM) is a financial center resolutely turned towards digital. The institution is probably the first to have implemented a fully digital financial markets court. All services (file filing, case 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. The blockchain is indeed a decentralized and reliable distributed system that does not depend on a 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 justice, in addition to providing easy access to a fair trial of commercial and financial disputes.
This pioneering initiative by the Abu Dhabi Global Market aims to drive lasting change for the justice commercial. Blockchain facilitates and secures processes and guarantees faster and more reliable execution of cases handled by financial market courts, internationally.
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