Abu Dhabi [UAE], November 16 (ANI/PRNewswire): Abu Dhabi Finance Week witnessed during its Fintech Abu Dhabi Festival the announcement by 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 in the enforcement of their commercial judgments. 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. 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, 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 digitisation of justice.
ADGM is the international financial centre of the capital city of the United Arab Emirates, which opened for business on 21st October 2015. ADGM augments Abu Dhabi's position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
Operating within an international regulatory framework based on direct application of The English Common Law, ADGM governs the entire Al Maryah Island which is designated as the financial free zone of Abu Dhabi.
ADGM progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions while leveraging synergies with multiple jurisdictions positioned as one of the world's most advanced, diverse and progressively governed financial hubs.
For more details on ADGM, please visit www.adgm.com
For media queries please contact:
Head of Middle East
M: +971 50 973 1173
Head of Corporate Communications, ADGM
This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)