Abu Dhabi Securities Exchange (ADX), the UAE capital’s stock market, is set to explore the possibility of another application for blockchain technology during GITEX Tech Week. The exchange announced that it will be will be facilitating a blockchain-based e-voting service to allow shareholders of listed companies to vote in annual general meetings.
The new technology could allow voter to significantly lower the risk and the administrative burden of what is largely a manual and multi-step process. By casting votes as transactions, ADX can create a blockchain which keeps track of the tallies of the votes. This way, everyone can participate in AGM meetings more conveniently and securely than ever before, and in the same time they can count the votes themselves, and verify that no votes were changed or removed, and no illegitimate votes were added.
ADX will showcase its utilization of the electronic identity system through ADGM’s platform during GITEX Tech week which takes place at the Dubai World Trade Centre.
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As compared to the traditional voting, the new scheme has electronic system that allows voters to directly connect and monitor voting in any Annual General Meeting (AGM). In addition, the digital service will enable a live connection via the internet from anywhere in the world. The system handles shareholders’ access to reports and statements as well as managing meeting notifications.
ADX’s use of blockchain technology is one of the many new services offered by ADX on its Electronic Platform at GITEX2016. ADX will also exhibit “Sahmi” interactive Kiosk, ADX Mobile Application, ADX smart watch, with other services offered on the ADX newly designed website.
Rashed Al Blooshi, Chief Executive of ADX, commented: “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.”
“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.