Of late, the electronic voting systems are becoming a feature in most of organizations and elections across the world. While adopting electronic voting systems is much more convenient than the traditional ballot system, the innovation still faces its own set of challenges regarding security, and transparency.
Fortunately, with research on blockchain technology still emerging, there is potential that the innovation could offer new opportunities in developing digital voting services for elections. Techrod Holdings is one venture that has found a conventional use of blockchain to provide for an aspect of security and transparency to our elections. Here's how Techrod's system could change e-voting systems.
What Is Techrod Holdings?
Techrod Holdings is a blockchain startup with the intent of introducing a blockchain-based electronic voting system as a solution to the widespread election malpractices and fraud. The platform's revolutionary election and consensus system will allow interested parties to develop, implement and utilize a personalized voting system through voting contracts depending on their organization. Techrod Holdings will further enable users to undertake, compile and verify their election process through blockchain's capability.
Features Of Techrod Holdings
- Techrod Blockchain: forms the foundation of the whole ecosystem and is the framework to accommodate all the resulting features
- Techrod Platform: through the Techrod Blockchain and protocol emerges the Techrod platform to provide users with an interactive interface to customize their election system
- Techrod protocol: the Techrod Protocol works to assist in creating the necessary positions and parameters for the user's voting and consensus system
- Techrod token: the Techrod token acts as a utility token to fuel the use of smart contracts on the Techrod platform
How The Decentralized Consensus Protocol
With an emphasis on the decentralization of the voting system, Techrod will accommodate a customizable voting mechanism from where users can create a system straight from scratch. The consensus mechanism will have users make various options regarding the election candidates and other appropriate parameters. That means users can formulate an electoral process, list the necessary data, invite participants and safely deliver the results without any third-party.
Does Techrod Present Any Gains With Their System?
- Under a blockchain based electoral system, there are presumably potential benefits for the overall participants. Lead among them are
- Increased transparency with Techrod's election mechanism since blockchain allows both election contenders to view and verify the election details and votes
- Immutable record of the voting process leaves no room for manipulation
- Verifiable nature of Techrod's blockchain will enable settlement of election conflicts and cases for the unsatisfied parties
- Security of the voting process is assured as Techrod Holdings carry a tamper-proof blockchain system for the voting process.
Possible Drawbacks Of Techrod's Concept
Here are the possible limitations in Techrod's case
- Potential government regulations on the use of cryptocurrency
- Potential intrusion and manipulation of the blockchain-based election system
- Lack of physical evidence in elections present a challenge regarding vote re-counts or investigations
- Blockchain technology is still unfamiliar, and this could present a challenge on trust
However, there is still need for necessary efforts and research to review the full extent to which we can use blockchain for our elections and voting
ICO Information And Token Details
- March 12th, 2018 to September 30th, 2018
- Platform: Waves
- Restricted Countries: United States
- Total Tokens: 20,000,000,000
- Initial Token Price: $0.0007
- Working prototype: Yes
- Accepted Currencies: BTC