The deployment of blockchain technology is a part of the innovation culture adopted by the Abu Dhabi Securities Exchange (ADX) on a regional scale, in compliance with Abu Dhabi Economic Vision 2030, ADX Chief Executive Rashed Al Blooshi said recently.
Blockchain technology, which underpins digital currencies such as bitcoin, enables financial transactions between two participants in a safe, trusted and irreversible way, without relying on a third party. This reduces cost, while at the same time enhances transparency and efficiency of those transactions.
“Blockchain is the most innovative technology in digital transactions. It represents the second generation of the internet and has enabled ADX to join the elites of top 10% of institutions globally who have already taken steps in adopting this technology”, said Al Blooshi.
ADX launched Blockchain for e-Voting during GITEX 2016 as part of its innovative technologies, which will allow the concerned parties to directly connect and monitor voting in any Annual General Meeting (AGM). This digital service saves time, cost, and effort, ADX said. It also adds to the vitality of the AGMs through high attendance and interaction with the decisions.
In addition, 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.
“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”, Al Blooshi added.
