National Stock Exchange of India (NSE) and Elemential Labs to Pilot Blockchain Voting in ‘Tokenized eVoting’ Trial
India National Stock Exchange Will Trial Blockchain Voting For Listed Companies
The National Stock Exchange of India (NSE) is now testing a new blockchain platform that is currently being developed by Elemential Labs in an effort to conduct electronic voting for listed companies, local media outlets affirm.
According to the NSE, the pilot will tokenize voting rights and then use the blockchain to connect the voters to the company, as well as transfer agents and regulators. As tokenized votes are easy to transfer an proxy, it remains to be seen how easy the whole voting process will end up being.
The CTO of projects at the National Stock Exchange of India, Sankarson Banerjee, has affirmed that the blockchain offers features that can help in the governance of the system and its compliance and make the whole system more streamlined.
He affirms that the immutable nature of the distributed ledger technology can be used to ensure that every action taken by a participant of the network will be fully transparent for the regulators. Also, the smart contract framework can synchronize the voting and counting process. The company uses the Hyperledger technology.
The CEO of Elemential, Raunq Vaisoha, has advocated for the blockchain as a way to ensure that compliance is met and that the process is more transparent now that it used to be. He also believes that the industry should adopt this standard over time.
The Intro Ecosystem Features
As it was recently reported, the Union Cabinet of India, which is the chief decision-making body of the government, has approved a partnership via a Memorandum of Understanding (MoU) with BRICS members to collaborate on research into how the blockchain technology and other distributed ledger technologies work.
The Indian state of Telangana has also recently announced that it would make several new partnerships with blockchain companies to implement their services in order to help the country.
While many companies and government agencies in India are using the blockchain technology, the government is still enacting its ban on cryptos, which forbids banks from working with crypto exchanges. At the moment, India’s Supreme Court is reviewing the case.