Abu Dhabi Global Market (ADGM) Courts, the judiciary of the UAE capital’s financial free zone, has introduced the first-ever blockchain technology for the global enforcement of commercial judgments.
The introduction of new technology was made during Abu Dhabi Finance Week at the FinTech Abu Dhabi Festival, according to the statement.
The blockchain solution will result in substantial time and cost savings for parties in the enforcement of their commercial judgments.
As per the statement, “Secure, immutable judgments will be immediately available to parties and enforcing courts, via ADGM’s website, an API or directly on the blockchain for member courts.”
The parties will no longer need to wait for a certified copy of the judgment to start the process in the enforcing jurisdiction. This is a major development for international trade and commerce.
Commenting on this transformational development, Mr. Linda Fitz-Alan, Registrar and CEO of ADGM Courts, said, “Our vision has always been to massively transform the delivery of judicial services through technology.”
“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. This trailblazing introduction of blockchain technology for commercial courts underscores ADGM and ADGM Courts’ reputation as leaders in the digitization of justice,” Ms. Fitz-Alan further added.
Recently, Abu Dhabi launched the ADGM-backed Middle East, Africa, and Asia Crypto and Blockchain Association to speed up the development of blockchain and cryptocurrencies in the region.
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