UAE will use blockchain for Business projects
2022.11.17 10:10
UAE will use blockchain for Business projects
Budrigannews.com – The judiciary, established by the Federal Decree of the United Arab Emirates (UAE), has adopted blockchain technology to save time and costs associated with the execution of commercial judgments.
The ADGM Court, an institution that supports the financial regulator Abu Dhabi Global Markets (ADGM), has implemented blockchain technology to save parties considerable time in court proceedings. Business judgment involves assessing various financial risks and addressing business issues in your business.
Digitization through blockchain technology gives courts and parties immediate access to the commercial judgment, a judicial system for international trade and commerce.
Linda Fitz-Alan, secretary and executive director of ADGM Court, described the new development and stressed that the organization’s main focus is on using technology to transform court services. “Our focus has shifted to law enforcement to address the pressing needs of the international business community and drive sustainable change in the justice sector,” Fitz-Allan explained. The CEO of ADGM Court also noted that the introduction of blockchain in commercial courts will enhance the organization’s reputation as a leader in the digitization of justice.
The ADGM Tribunal is an independent body responsible for settling civil and commercial disputes. The organization supports ADGM, a financial regulator operating in the capital Abu Dhabi.
Related: UAE’s Web3 Ecosystem hosts Nearly 1.5K Active Organizations: Report
Meanwhile, a new Blockchain and Cryptography partnership has been launched in the ADGM Free Economic Zone, with the aim of developing blockchain and cryptography ecosystems in the Middle East, North Africa and Asia. A non-profit organization called the Middle East, Africa and Asia Crypto Blockchain Association (MEAACBA) aims to promote regulatory solutions, create more business opportunities and invest in education.
In May. On June 5, the Chainalysis report highlighted that the Middle East and North Africa (MENA) region is one of the fastest growing crypto markets worldwide.1 According to the report, in the months 2021-7 from 2022-6 to 12 months, users of the MENA region received cryptocurrencies worth暗号5660 billion, a growth of 48% compared to 2021.
