Abu Dhabi Stock Exchange announces adoption of blockchain voting system ahead of shareholders meeting

A major Abu Dhabi stock exchange has announced the launch of a blockchain-based voting service.

According to the Abu Dhabi Securities Exchange (ADX), the service will enable all stakeholders to participate in and monitor the election process at its shareholders’ meetings. The use of blockchain in voting systems has long sparked interest in both the public and private sectors.

ADX said last week it would showcase the project during the Gulf Information Technology Exhibition (GITEX) Technology Week event, a major technology exchange conference that kicked off in Abu Dhabi yesterday.

In announcing the blockchain service, ADX mentioned the Abu Dhabi Plan, a government-sponsored initiative to modernize the emirate's economy. In addition to Abu Dhabi, its neighbor Dubai is also heavily researching blockchain technology. Currently, Dubai is testing the application of blockchain in government affairs and the Internet of Things (IoT).

ADX CEO Rashed Al Blooshi said:

ADX has always been committed to providing a competitive and flexible business environment. Therefore, we chose to adopt blockchain technology in our project. In addition, our choice is also in line with the digital reform plan advocated by the Abu Dhabi government. Abu Dhabi has been exploring new ways to simplify business processes.

A few months ago, Abu Dhabi announced the establishment of a fintech sandbox to attract more technology companies, including blockchain companies. At the time, market observers believed that the government’s decision would inevitably attract more financial services companies to Abu Dhabi.