ABU DHABI: Abu Dhabi Finance Week witnessed during its Fintech Abu Dhabi Festival the announcement by Abu Dhabi Global Market (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."