By the first quarter of 2023, the Federal Court of the UAE (United Arab Emirates) had processed 95% of cases using blockchain technology.
UAE Ministry of Justice boosts use of blockchain
The first quarter of 2023 marked a milestone in the use of digital technologies in the United Arab Emirates. According to a report, the government departments, in this case the Ministry of Justice, are increasingly adopting blockchain.
Indeed, the Federal Court has handled almost all of its cases remotely, and blockchain technology has been used in 99% of notarial services. The department seems to be taking digital transformation seriously, having created a highly advanced digital system earlier this year.
Among other things, this enables it to carry out marriage services remotely, reduce paperwork and simplify user interaction. But that’s not all! It has also developed a technology that automatically issues powers of attorney in less than 10 minutes.
Initially only applicable to powers of attorney for lawyers, it has now been extended to other services. These include powers of attorney for real estate, litigation, automobiles, licenses and lawsuits, as well as securities.
UAE rapidly adopts crypto to become a major player
More generally, 2023 is a landmark year for the United Arab Emirates. The region is increasingly attracting attention due to its involvement in the sector. Dubai is positioning itself as the global hub for digital assets, while regulators in Europe and in the United States put pressure on CEX (Centralised Exchanges).
The number of holders of cryptocurrencies is rising steadily, and the region is positioning itself as one of the most favorable for blockchain adoption. Over 27% of the population own crypto assets, proof of their commitment. But all this is only possible thanks to the country’s initiatives.
Between its agreement with the Hong Kong Monetary Authority and the arrival of major exchanges, the UAE developed at great speed. They now have their own metaverse and a market regulator, the VARA which ensures compliance with the rules and the well-being of investors.
Given all the crypto happenings in the region, the Federal Court’s embrace of blockchain and digital technologies comes as no surprise. Slowly but surely, the region is gaining ground and tending to become a global reference in terms of digital asset investment.
Passionate about stock market trading and cryptocurrencies, I write articles on the subject to share my experience and keep you up to date. I’m convinced that cryptocurrencies open up new perspectives and that everyone should experiment with them.
