Abu Dhabi Securities Exchange (ADX) informed about the launch of blockchain-based voting services at the GITEX Technology Week.
The event is held at the Dubai World Trade Centre from October 16 to 20.
ADX Blockchain eVoting Services could benefit companies’ shareholders. They could now directly connect and monitor voting in every Annual General Meeting (AGM).
The exchange also hopes that these services will increase attendance at AGMs as well as aid decision-making processes. Additionally, shareholders can access reports and statements relevant to AGMs using their smart devices.
“We are proud to be the first stock market that employs blockchain technology in the services provided to stakeholders,” Rashed Al Blooshi, Chief Executive of ADX said in the announcement. He said his exchange aspires to become a fully digital exchange. He noted that:
“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.“
In September, the EU Parliament published a report about blockchain and voting using the technology. The report claims blockchain-enabled e-voting (BEV) would empower voters to record, manage, count and check the votes themselves instead of relying on a central authority.
The report also states “The historic record could then not be changed because other voters would see that the record differs from theirs.” In addition, “Illegitimate votes could not be added, because other voters would be able to scrutinise whether votes were compatible with the rules.” The technology would shift power effectively and trust away from central authorities towards a tech-enabled community consensus.
In the UAE, Dubai is also heavily exploring the use of blockchain technology. The Crown Prince of Dubai wants all government documents held in a blockchain by 2020. The largest bank in Dubai, Emirates, has also partnered with the second largest bank in India, ICICI, to pilot trade finance and remittance transactions.
