ADGM will use blockchain for faster resolution of commercial issues

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The judiciary in the UAE capital’s financial free zone, the Abu Dhabi Global Market Courts, will launch a new blockchain-based system. It will digitally certify judgments. It will further allow their availability and enforcement anywhere in the world. This move will save the parties involved in the legal process a significant amount of time. Commercial judgments involve the assessment of various financial risks and the handling of commercial business issues. Linda Fitz-Alan, Registrar and CEO of ADGM Courts, commented on this transformative development, “Our vision has always been to massively transform the delivery of legal services through technology. The focus has now turned to enforcement to respond to the urgent needs of the international business, and to drive sustainable change for the justice sector. This ground-breaking introduction of blockchain technology for commercial courts underscores ADGM and ADGM Court’s reputation as leaders in the digitization of justice.” Fitz-Alan has also described the ADGM court’s blockchain technology trial as a significant step forward in “the evolution of international trade and commerce.” She also stated that the relevant parties will no longer have to wait for certified copies of their cases to access commercial judgments. According to a court official, the system will be operational in the first quarter of 2023. ADGM Courts is an independent authority tasked with resolving civil and commercial disputes. The organization assists ADGM, the Financial Supervisory Authority based in Abu Dhabi’s capital. Companies in the market can, for example, maintain 100 percent foreign ownership, while companies in Abu Dhabi must have at least 51 percent local ownership. As a result, the market has its own courts that follow English common law. Here it is worth noting that the Middle East and North Africa (MENA) region is one of the world’s fastest growing crypto markets. This was revealed by a report published on October 5. According to the report, between July 2021 and June 2022, users in the MENA region received $566 billion in crypto assets. This was an increase of 48 per cent from the previous year. The move is one of several financial modernization initiatives undertaken by the UAE. For example, the UAE announced earlier this year that it will implement the first ever corporate tax in 2023.Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist