The UAE financial regulator introduces blockchain into the courts to save time and costs in civil and commercial judgments.
ADGM Courts, a judicial body created by the financial regulator Abu Dhabi Global Markets (ADGM), implemented blockchain in commercial courts. The technology was presented during the Fintech Abu Dhabi Festival. It’ll reduce financial costs and speed up the execution of court decisions.
Digitization of court documents and their transfer to a distributed ledger will enable courts and parties to immediately access commercial judgments and other documentation, thus simplifying the judicial process. The innovation will first be tested in cases related to international trade and commerce.
The introduction of blockchain technology will “massively transform the delivery of judicial services,” Linda Fitz-Alan, CEO of ADGM Courts, said during the presentation. According to her, the innovation is aimed at the sustainable development of the judicial sector and meeting the urgent needs of the international business community.
The head of ADGM Courts believes that adoption of blockchain technologies in commercial courts will strengthen the UAE’s reputation as a leader in digitizing justice. According to analysts, the UAE dominates the Web3 economy. For example, Sharjahverse, the world’s first Metaverse city, was launched with government support. And a private company Thumbay Group works on the creation of the first hospital in virtual space.
