The National Stock Exchange of India Limited (NSE) has announced that it will test electronic voting by listed companies using Blockchain technology on the Elemential Labs platform. The goal is a low-risk solution for electronic voting.
According to a press release, “the pilot project aimed at providing a highly transparent and low-risk electronic voting solution would improve the transparency of the electoral process”.
The established blockchain is created using the Elemental platform in the Hyperledger framework. NSE IT is the IS partner responsible for creating and managing the frontend application.
The pilot project would involve the creation of a blockchain to link the regulator with the company and the CRJ during the election process. Using the system, the voting rights are converted into tokens, facilitating their transmission and transmission.
The auditability of the actions in the chain and the simplicity of executing the voting process using the blockchain are the evaluation parameters used to evaluate the project.
Sankarson Banerjee, CTO Projects, NSE, said: “The unchanging nature of Blockchain will ensure that all of a participant’s actions on the network are transparent to the regulator and the smart framework allows synchronization of the agreement process and the process help us understand the environment in which governance and corporate compliance are improved. ”
Raina Vaishoa, CEO of Elemental Lab, said of the pilot project: “Blockchain enables real-time monitoring of all regulatory activities, bringing us closer to transparent and clear corporate governance, a business standard that most companies seek.”