Abu Dhabi Securities Exchange Chief Supports Blockchain

Abu Dhabi Securities Exchange Chief Supports Blockchain

The adaptation of blockchain technology is on the agenda of the Abu Dhabi Securities Exchange, said chief executive Rasheed Al Blooshi.The Abu Dha

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The adaptation of blockchain technology is on the agenda of the Abu Dhabi Securities Exchange, said chief executive Rasheed Al Blooshi.

The Abu Dhabi Securities Exchange (ADX) will consider deploying blockchain technology. This is part of the Abu Dhabi`s Economic Vision 2013, a document released from the government in 2008 (full link available at: https://www.ecouncil.ae/PublicationsEn/economic-vision-2030-full-versionEn.pdf).

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 the top 10% of institutions globally who have taken steps in adopting this technology.”, commented Al Blooshi.

“[A]dopting 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.”, he explained.

The ADX has already used the technology in the form of an e-voting platform for shareholders of listed companies.

The ADX Blockchain eVoting service enables company`s shareholders to access reports and statements relevant to the Annual General Meeting (AGM). This service has been said to save time, cost and effort, as ADX claimed in an interview with zawya.com.

Other notable developments of blockchain solutions are being introduced by a number of stock exchange operators around the globe. In early 2016, IBM collaborated with Asia`s largest stock exchange in Tokyo on the development of blockchain applications.

Other similar efforts related to the blockchain technology are observed in Hong Kong, Malta, Thailand, England, Australia, South Korea and the United States.

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