India’s NSE Will Test Blockchain-Based E-Voting

2018-10-2 15:49

The traditional finance market is welcoming blockchain and paving the way for the technology’s widespread adoption. India’s National Stock Exchange (NSE) announced that they will be utilizing Elemential Lab’s platform for e-voting on listed companies. The exchange is currently conducting tests to check the viability of this solution.

How Does The Exchange Benefit?

The pilot project of the e-voting system is designed for setting up a blockchain that connects the regulator with the listed companies and the RTA. The entities will work with tokenized voting rights, which will make it easier to transfer and proxy. The NSE will evaluate the feasibility of the system based on its auditability and ease of completing the process with the use of blockchain.

NSE’s CTO-Projects Sankarson Banerjee commented on the pilot, saying:

“The immutable nature of blockchain will ensure that every action taken by a network participant is transparent to the regulator. Additionally, the smart contract framework enables synchronization of the vote count process between the company and the regulator in real time.”

He added that blockchain technology would help in improving corporate governance and compliance.

Risk Management on Blockchain

The pilot is not just designed to make e-voting easier. It also aims to make the voting process relatively low risk and to improve the transparency of the network as well. Elemential Lab’s blockchain platform is designed on the open-source Hyperledger framework. NSE IT will be the SI partner for the pilot, which will build and manage the front-end application.

Raunaq Vaisoha, Elemential Lab CEO, noted that blockchain creates an immutable and digital trail of activities useful for the regulator. He reiterated Banerjee’s view on the use of distributed ledger technology, suggesting that this project will help in making the voting process transparent and improve corporate governance as well.

The Bengaluru-based Elemential Lab is funded by Matrix Partners and numerous other angel investors and provides plug-and-play blockchain solutions to its clients. The platform’s first introduction to NSE was in Aug. 2016, when a Know-Your-Customer application was being presented to 300 bankers during an NSE conference. The platform uses a proprietary Federated Network Protocol (FNP) into its blockchain solution, Hadron. It helps to make blockchains easier for large enterprises.

India’s NSE Will Test Blockchain-Based E-Voting was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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