Abu Dhabi Securities Exchange (ADX) recently announced at GITEX Tech Week its launch of Blockchain technology for eVoting services – the first stock market globally to integrate Blockchain in it's services.
The launch is considered the first of its kind for the MENA region financial markets as it employs the latest innovations in the 21st century – associated with the 4th industrial revolution.
ADX has been showcasing its utilization of Blockchain technology at the Abu Dhabi Government platform during GITEX Tech week which is taking place at the Dubai World Trade Centre, 16-20 October.
Blockchain is considered a decentralized and safe network through which deals linked to numerous documents, shares, financial products, digital notes, and commercial contracts can be executed. It is safe, fast, and efficient for all network partners as well as for those who participate in the workflow process.
“The Abu Dhabi Plan is what inspires us to accomplish our strategic goals. ADX is committed to creating a business environment that is both competitive and flexible. Accordingly, adopting Blockchain technology in our projects comes in alignment with the digital transformation of Abu Dhabi’s government services as we constantly strive to introduce new ways that ease the process of doing business in the Emirate.” said Rashed Al Blooshi, Chief Executive of ADX.
“We are proud to be the first stock market that employs Blockchain technology in the services provided to stakeholders. This step comes as we aspire towards becoming a fully digital Exchange, with our strategic objectives aligned with Abu Dhabi’s vision for building a knowledge-based sustainable economy that constantly evolves,“ he added.
ADX Blockchain eVoting Service will allow the concerned parties to directly connect and monitor voting in any Annual General Meeting (AGM). This digital service will save time, cost, and effort. It will also add to the vitality of the AGMs through high attendance and interaction with the decisions.
It is considered an effective way to interrelate via safe internet connections from anywhere in the world. ADX Blockchain eVoting Service will enable a company’s shareholder to access reports and statements relevant to the AGM, whether for candidates for the Board or quorum for voting – among other decisions and other information by means of their smart devices.
The Blockchain is one of the many new services offered by ADX in its Electronic Platform at GITEX2016. These services include: Initial Public Offering (IPO) Management System, Rights Issue Management System, AGM Management, and Cash Dividend Payments Management System. Moreover, ADX will exhibit “Sahmi” interactive Kiosk, ADX Mobile Application, ADX smart watch, with other services offered on the ADX newly designed website that comply with international best practices in serving investors and companies.