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Home » UK’s Equichain To Provide Blockchain Solutions To Abu Dhabi Securities

UK’s Equichain To Provide Blockchain Solutions To Abu Dhabi Securities

Carolyn Dawson by Carolyn Dawson
Jun 15, 2018
in Market News, News
Reading Time: 2 mins read
0

Abu Dhabi Securities ExchangeIn order to increase the operational efficiency, the Abu Dhabi Securities Exchange (ADX) has signed an agreement with Equifax, a UK-based blockchain technology solutions provider for capital markets. Equifax, the financial technology company, will provide appropriate advice for ADX to make use of new age technologies, including blockchain to improve security and transaction speed.

ADX is the first stock exchange in the Middle-East/Africa region and the third in the world to look at the option of using blockchain technology for improving its services. The e-voting process carried out during the annual general body meeting of the listed companies is already being done using distributed ledger technology.

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Commenting on the use of blockchain technology, ADX Chief Executive Rashed Al Blooshi said

“The goal of this strategic initiative is to seamlessly connect the two ends of the institutional investment spectrum through blockchain technology, thereby eliminating some of the intermediating layers that form part of the trade cycle, whilst enabling incumbents to redefine and expand their product scope.”

Equichain, which offers its services only on an invite only basis, is currently catering to two category of businesses: institutional investors and market infrastructure providers like stock exchanges. As in any other field, blockchain technology could assist in simplifying the trading cycle and boost the efficiency of the exchange operations.

ADX will join the second category to receive suitable suggestions from Equichain. ADX has stated that it will

“explore applications of Equichain’s platforms and products, in addition to providing a forum to discuss the practical application of blockchain in capital markets.”

Equichain CEO Nicholas Bone said:

“This [partnership] will further our efforts towards establishing a more streamlined capital market environment for investors, providing greater efficiency, reduced risk and lower cost.”

Commenting on the partnership, Rashed Al Blooshi stated

“The open exchange with Equichain and members of the working group will allow us to identify and test new applications of blockchain technology, aiming to enhance the speed and security of capital market transactions to the benefit of our investors and stakeholders.”

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