Abu Dhabi Global Market adopts blockchain for courts
The move comes amid other financial changes in the Gulf state. Blockchain technology is also used for cryptocurrency.
Abu Dhabi’s international business center announced on Tuesday the introduction of blockchain technology to its legal system.
The Abu Dhabi Global Market Courts said it will begin securing commercial judgments via blockchain technology. The judgments will be available immediately via the courts’ digital system, meaning entities will no longer need to wait for a certified copy from a judge, according to a press release.
A court official told The National that the system will go live during the first quarter of 2023.
What it means: The Abu Dhabi Global Market is a community of international businesses with a separate legal system from companies based in Abu Dhabi proper. Companies in the market can maintain 100% foreign ownership, for example, while companies in Abu Dhabi must have at least 51% local ownership. As such, the market has its own courts, based on English common law.
