National Stock Exchange Of India Is Conducting Test To Use Blockchain for E-voting

In July 2012, The stock market regulator of the country, SEBI mandated that the top 500 listed companies should employ E-voting to facilitate the shareholders participate in key decisions without being physically present in the meetings. The E-voting is carried through an electronic voting system developed by National Securities Depository Limited (NSDL) and CDSL Ventures Ltd (CVL). The system requires no physical collection, no counting of postal ballot papers and eliminated the need for verification of signatures of the participants.

The voting rights will be easy to transfer and proxy as they will be tokenized. The subsequent test will be evaluated on the basis of transparency and audit-ability provided by the blockchain and the ease of conducting the whole process.

“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 synchronisation 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.”

“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.”

Recently, NIIT Technologies, an IT solution provider launched a blockchain-based solution for airlines to make ticket buying transactions more simplified, dubbed as Chain-m.

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