Fintech - A Special Announcement, by ADGM

foreign [Music] it's a little strange right you're here for everything fintech and I'm here with a message from adjm courts not a natural fit but I think at the end of this presentation that you will agree with me that what I'm about to say to you is totally in sync with everything you know about adgm and Abu dhabis commitment to driving transformation and leading Global change in everything we say plan and do and especially in technology so what is my message for you today it is that adgm courts have developed yet another game changer for justice we started in 2018 with the launch of our e-cords platform but today now in a sea change we have developed the enforcement of commercial judgments on the blockchain this is unique this has not been done before and this is the groundbreaker for parties to enforce their judgments across the world but why do we do this and more importantly what effect does it have upon you as Business Leaders and leaders in technology first underpinning all of this is the foundational concept that international trade and commerce benefits from the enforceability of judgments by Foreign courts and Commercial disputes are a significant and important subset of those judgments but there are four very simple but highly impactful reasons as to why we have done this speed cost security and certainty what do we what do we remedying what are we fixing what is the current state for this the current state is it a party who wishes to enforce their judgment in the jurisdiction against which there are assets to recover their money must file a certified copy of the judgment with documents establishing the Judgment has effect and it can be enforced in the issuing jurisdiction so before you enforce your commercial judgment you must go back to court file a form pay a fee and wait time and cost increasing but more worryingly is that the dissipation and the risk of the dissipation of assets is increasing but what if what if you don't have to do that anymore what if that judgment is waiting for you and the enforcing Court imagine that imagine that none of that is necessary well let me show you that let me show you how 80 gym courts have achieved that first as normal the court produces the judgment with all of this information the seal is affixed to the Judgment with an original certificate now the sea change a unique cash value is assigned to this judgment digital wallets are created for each party to the case the judgment is now ready for the blockchain by the publication of the metadata that you see on this image from the case number to the names of the parties the seal and importantly that unique hash value nfts are then minted and assigned to each party's wallet the judgment is now ready for the enforcing Court for debt verification how is that done by three alternative ways first the adgm website seconds via an API and the third for member courts on the blockchain directly on the blockchain but where are we going with this it is not about certified copies of judgments is about transcending borders this is about a Consortium of international commercial courts with extraordinary connectivity for the enforcement of judgments this is next Generation Justice for international trade and commerce so there you have it there is the seat no more what ifs no more imagining secure immutable judgments for enforcing courts to immediately and independently verify the authenticity of the judgment foreign but this is the start for us it's not the end it's a marathon not a Sprint and we are in for the Long Haul we have so much more to come we will exponentially expand upon the digitization that we have designed our vision of a Consortium of international commercial courts will become a reality because it is such a a compelling proposition we will revolutionize every single aspect of enforcement this is transforming the future of Justice thank you [Applause]