Abu Dhabi Finance Week witnessed during its Fintech Abu Dhabi Festival the announcement by Abu Dhabi Global Market (ADGM) Courts of the first-ever introduction of blockchain technology for the global enforcement of commercial judgments.
The blockchain solution will result in substantial time and cost savings for parties to enforce their commercial judgments. Secure, immutable decisions will be immediately available to parties and enforcing courts, via ADGM’s website, an API, or directly on the blockchain for member courts. Parties will no longer need to wait for a certified copy of the judgment to start the process in the enforcing jurisdiction.
A blockchain is a form of encryption that covers records. It is considered a safe way of securing digital assets and is used in cryptocurrency.
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Commenting on this transformational development, Linda Fitz-Alan, Registrar and CEO of ADGM Courts, said, “Our vision has always been to transform the delivery of judicial services through technology massively. Our focus has now turned to enforcement to respond to the pressing needs of the international business community, and to drive sustainable change for the justice sector.”
The move is one of a few financial modernization efforts the United Arab Emirates is undertaking. For example, the UAE announced earlier this year they will also introduce a first-ever corporate business tax starting in 2023.
The UAE has taken several steps to integrate blockchain into the economy, government, and society as part of efforts to develop the future economy. Last month, the Dubai-based cryptocurrency platform BitOasis announced a crypto payment card.