Mon 10-04-2017 15:08 PM

ADX deploys cutting-edge financial transaction technology

ABU DHABI, 10th April, 2017 (WAM) -- The Abu Dhabi Securities Exchange, ADX, has deployed a cost-effective, cutting-edge technology to streamline financial transactions and ensure efficiency.

ADX CEO Rashed Al Blooshi has said that deployment of ‘Blockchain’ technology is part of the innovation culture adopted by ADX in compliance with Abu Dhabi Economic Vision 2030.

"Blockchain is the most innovative technology in areas of digital transactions. It represents the second generation of the internet and has enabled ADX to join the elite top 10% of institutions globally which have already taken steps forward in adopting this technology," Al Blooshi added.

Blockchain enables financial transactions between two participants in a safe, trusted and irreversible way, without relying on a third party, which in turn ensures cost reduction and more transparency and efficiency in trading transactions.

ADX launched Blockchain for e-Voting during GITEX 2016 as part of its innovative technologies. ADX Blockchain e-Voting service will now allow the concerned parties to directly connect and monitor voting in any AGM. This digital service saves time, cost, and effort. It also adds to the vitality of AGMs by ensuring high turnout and interaction with the decisions. It is considered an effective way to interrelate via safe internet connections from anywhere in the world.

"Abu Dhabi Economic Vision 2030 is a source of inspiration for us all 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." Al Blooshi said.