The Middle East is emerging to be one of the most receptive markets for Blockchain technology. Yesterday, Abu Dhabi Securities Exchange (ADX) became the latest financial institution in the region to announce the implementation of blockchain technology-based voting services.

The announcement made at the ongoing GITEX Tech Week event closely follows Dubai Government’s recent decision to use distributed ledger technology to maintain records. ADX’s implementation for eVoting stands to be the first of its kind in the entire MENA (The Middle East and North Africa) region.

The Chief Executive of ADX Rashed Al Blooshi was quoted in the press release saying,

“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.”

ADX considers the recent addition to be an important step towards building a fully digital exchange. ADX’s objectives are in-line with a much larger vision of turning Abu Dhabi into a constantly evolving knowledge-based sustainable economy.

With the ADX Blockchain eVoting Service, Annual General Meetings are expected to become more effective with increased participation. The use of blockchain technology will allow concerned parties to join and monitor the voting process without having to be physically present at the location. In turn, it will also help reduce the time, cost and efforts associated with conducting and participating in AGMs. The immutability and transparency associated with blockchain also make it an effective tool for recording and keeping track of all the decisions made by the boards during such meetings.

Even Dubai Multi Commodities Center (DMCC) is working on the implementation of blockchain technology for multiple operations. At this current pace of adoption, we can expect UAE to soon become a model country for blockchain technology implementation.

Ref: Zawya | Image: NewsBTC