National Stock Exchange of India testing blockchain for use in e-voting

27 Sep, 2018
by Richard Allen
National Stock Exchange of India testing blockchain for use in e-voting

The National Stock Exchange of India (NSE) is testing out blockchain technology for use in e-voting for companies listed on the Elemental Labs platform, local news outlet Business Line reports.

The pilot entails tokenizing voting rights as well as developing a blockchain to connect the NSE with Elemental Labs and registrar transfer agents (RTA). Tokenized voting rights are easier to transfer and proxy and the test will be used to determine the ease of conducting the voting process using blockchain.

Sankarson Banerjee, CTO-Projects, NSE said, “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. These features will take us closer to an environment of improved corporate governance and compliance.”

The blockchain network was built by Elemental Labs on the Hyperledger framework. NSE is reportedly in charge of building and managing front-end applications.

Raunaq Vaisoha, CEO Elemental Labs said, “Blockchain enables a real-time, immutable trail of all activities for the regulator. This brings us a step closer to highly transparent and clear corporate governance, an operating standard that most companies aspire to.”

The Reserve Bank of India recently announced that Bitcoin cannot be recognized as a form of currency. Read about it here.

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