As of yesterday, Beijing time, the Dubai International Financial Centre Courts have begun recording court orders and hearing transcripts on the $AVAX Avalanche blockchain. Anyone who obtains a document can verify its authenticity within seconds, from anywhere in the world.
$AVAX is the native token of the Avalanche public blockchain. It is used to transfer funds on the network and pay fees for running smart contracts.
The process generates a digital fingerprint for each document and records it on the blockchain, linked to a non-transferable NFT certificate. Neither the documents themselves nor the case details are put on the blockchain. If a file is altered in any way, the fingerprint comparison will fail.
Many parties appearing before this court have no ties to the UAE; they choose to litigate here. When they use rulings in banks or courts in other countries, they often get held up at the step of proving that the documents are genuine. The court says this initiative is intended to eliminate the wait for cross-border authentication.
According to the court’s own statistics, it issued 2,676 orders last year. Documents of this kind will now all come with an on-chain certificate.
$AVAX is the native token of the Avalanche public blockchain. It is used to transfer funds on the network and pay fees for running smart contracts.
The process generates a digital fingerprint for each document and records it on the blockchain, linked to a non-transferable NFT certificate. Neither the documents themselves nor the case details are put on the blockchain. If a file is altered in any way, the fingerprint comparison will fail.
Many parties appearing before this court have no ties to the UAE; they choose to litigate here. When they use rulings in banks or courts in other countries, they often get held up at the step of proving that the documents are genuine. The court says this initiative is intended to eliminate the wait for cross-border authentication.
According to the court’s own statistics, it issued 2,676 orders last year. Documents of this kind will now all come with an on-chain certificate.