Compsmag is supported by its audience. When you buy through links on our website, we may earn an affiliate commission fee. Learn more

Blockchain: NSE Conducts Testing to Use Blockchain for Electronic Voting

The National Stock Exchange of India (NSE) announced that it will use the block chain technology on the Elemential Labs platform to test electronic voting for listed companies. The goal is to provide a low risk solution for electronic voting.

According to the press release, "The pilot project that provides a highly transparent and low risk solution for electronic voting will improve the transparency of the voting process."

Established block chains are built using the Elemential platform on the Hyperledger framework. NSE IT is an IS partner and is responsible for creating and managing front-end applications.

In this pilot project you need to establish a block chain to connect the regulator and the RTA during the voting process. By using the system, voting rights are displayed symbolically, making it easy for assignments and distributions by proxies.

The auditability of the action on the chain and the ease of executing the voting process with the help of the block chain are the evaluation parameters for which the project is evaluated.

Sankarson Banerjee, NSE's CTO project, says: "The unchanging nature of the block chain ensures that every action taken by the network participants is transparent to the regulator and the intelligent contract framework makes it possible to manage regulators in real time so that corporate governance and It will lead to improvement of compliance environment.

Regarding the pilot project, Raunaq Vaisoha, CEO of Elemential Lab, says: "Because Blockchain constantly monitors the activities of all regulatory authorities in real time, it is one step closer to clear and transparent corporate governance, most companies are eager to.

© Gadgetsnow

I hope you like the news Blockchain: NSE Conducts Testing to Use Blockchain for Electronic Voting. Stay Tuned For More Updates 🙂