Abu Dhabi Securities Exchange (ADX) has announced that it is using blockchain technology for eVoting services, which will allow the concerned parties to directly connect and monitor voting in any Annual General Meeting (AGM).

According to the official release, ADX will showcase its utilization of blockchain technology at the Abu Dhabi Government platform during GITEX Tech week taking place at the Dubai World Trade Centre, 16-20 October. 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.

“[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.” said Rashed Al Blooshi, Chief Executive of ADX.

In May, the Financial Services Regulatory Authority (FSRA), one of three divisions of the Abu Dhabi Global Market (ADGM), released a consultation paper to invite public feedback and comments on the proposal to establish a regulatory framework to support participants deploying innovative technology such as blockchain, within the financial services sector.

ADX said that its Blockchain eVoting Service will save time, cost, and effort, and will add to the vitality of the AGMs through high attendance and interaction with the decisions. It will also 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.

“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.