Kas Bank, a provider of securities services to the pension industry in the United Kingdom, has recently decided to use the blockchain technology. The company has decided to use it to transform the way that the shareholders of the company are able to vote.
With the use of a new app called Voteroom, developed by the company’s in-house innovation lab, the shareholders will now be able to vote via the app. Why is this good for the company? Because it streamlines a voting system that used to be very complex and it uses the blockchain technology to make it more transparent, secure an efficient.
The Voteroom App
Before the app, the voting complex was considerably less efficient and more complex, but the Voteroom app promises to significantly improve the accountability of the voting rights for the investors because their votes will now be stored on the blockchain. This way, the policy decisions can be considerably clearer.
This new program will tested for the first time during the General Shareholders Meeting on April 25, 2018. The program promises anonymity and control over the information, speeding up the process of making important decisions. If it passes the test (and it probably will), it will be free for shareholders to use in the future and available for companies to buy.
The Voteroom App was created by using the Ethereum network as a basis. The company is already considering the possibilities that this new app might bring to the market and ways to sell the software to other companies can also use it for similar purposes.
UK Managing Director Comments on the App
Pat Sharman, the UK Managing Director of Kas Bank has stated that as policymakers are trying to improve their governance standards, apps like Voteroom can be a great way to do that and the company is ready to assist in the process.
She states that the company is also concerned and committed to innovation and in improving governance standards via smart use of the available technology. Apps like Voteroom, she believes, can make the lives of the shareholders considerably easier. Kas Bank is only one company that is using the blockchain technology to make its investor’s life’s better, but we will probably see many companies following this trend soon.