Brazil’s ABFintechs To Use Blockchain In World-First Decentralized Electoral Process To Conduct Elections

Brazillian Blockchain Association To Use A Decentralized Platform To Conduct Elections

The Brazilian Association of Fintechs wants to set a new record as being the first organization to implement a blockchain based election system. The elections for new board of governors committee will be done using blockchain technology. The election is scheduled for October 19th this year and blockchain enthusiasts are really looking forward to this historic action.

Decentralized Electoral Process

Some countries around the world are already experimenting on how to carry out elections using a blockchain system. The Brazilian Association for Fintechs will be the first to put the system into full use. The suggestion was put forth by Ingrid Barth who heads Foxbit, a local crypto exchange. He’s also part of the outgoing committee and was leading the crypto-economics and blockchain sector.

He states that since the companies they work in deal with disruptive technologies, it’s only logical for the committee to pioneer in setting an example of what blockchain is capable of. According to him, using blockchain will not only be cheaper and transparent, but it may also work as a benchmark for other electoral processes.

More About The Brazilian Blockchain Space

There’s a lot happening regarding cryptocurrencies in Brazil where codes and algorithms are quickly replacing bureaucratic processes when carrying out transactions. According to the CEO of Yubb which is a free online platform that covers investments, using disruptive technology to vote in the next board will be a major milestone for the association.

The election will be held by DigitalMy which is a startup that’s dealing with digital signatures and online certification. The platform is using Decentralized Ledger Transaction to operate. The organizers believe that the election will be successful and it may be the start of a massive adoption of blockchain in electoral processes.

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