UAE Unveils First Blockchain-Based Commercial Court Amid Growing Crypto AdoptionNovember 16, 2022
- Abu Dhabi’s financial hub aims to enhance the efficiency of commercial litigation with blockchain technology.
- The Gulf country is also exploring the deployment of digital learning in the virtual world.
- The announcement was made during UAE’s ongoing week-long fintech forum.
The Abu Dhabi Global Market (ADGM) courts – independent courts overseeing civil and commercial disputes in the UAE’s financial hub – are adopting blockchain. The first-of-a-kind step will see the deployment of the technology in ‘ the global enforcement of commercial judgements.’
The announcement was made during ADGM’s Abu Dhabi Finance Week (ADFW) – an economic forum focusing on fintech and innovation in the Middle Eastern country.
The Registrar and Chief Executive of ADGM Courts, Linda Fitz-Alan, remarked: “our vision has always been to transform the delivery of judicial services through technology massively.” The new platform is expected to allow users to save time and costs in commercial legal cases. According to the executive, it is part of an effort to support the needs of the international businesses forming ADGM.
Fitz-Alan has also termed the ADGM Court’s blockchain technology foray as a big leap in the ‘development of international trade and commerce.’ She added that the relevant parties would no longer have to wait for certified copies of their cases to access commercial judgments.
ADGM explores blockchain technology in the digital learning space
In other news, ADGM is looking into ways to advance digital learning with the help of blockchain technology. The economic zone launched the School of Digital Assets in a deal with the Centre for Finance during the week-long event that concludes on November 18. ADGM’s Digital school offers a three-tier education program on metaverse, non-fungible tokens, and crypto.
ADGM was founded in 2015 – based in the capital city of the United Arab Emirates, Abu Dhabi – as a key financial centre. According to its website, the hub aims to attract international partners in financial technology, private equity, and VCs – in light of a growing adoption of blockchain technology and cryptocurrencies in the region.
On-chain data shows that the Gulf country is among the fastest-growing regions in the adoption of blockchain technology. According to Chainalysis’ report last month, the MENA region-Middle East and North Africa – recorded upwards of $566 billion in crypto transactions.
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