Abu Dhabi Securities Exchange (ADX) announced its launch of blockchain-based voting services at the GITEX Technology Week. The event is taking place at the Dubai World Trade Centre from October 16 to 20.
About ADX Blockchain eVoting Services
ADX Blockchain eVoting Services could benefit companies’ shareholders. They will be able to directly connect and monitor voting in any Annual General Meeting (AGM).
This will save time, cost and efforts. 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.“
Blockchain Could Revolutionize Voting
In September, the European Parliament published a short report on how blockchain can be used for voting. 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.”
Blockchain technology effectively would shift power and trust away from central authorities towards a tech-enabled community consensus.
Dubai Also Big on Blockchains
Within 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.
What do you think of Abu Dhabi Securities Exchange’s blockchain e-voting services? Let us know in the comments section below.
Images courtesy of Shutterstock, ADX, The National, European Parliament
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