The National Stock Exchange of India Ltd (NSE) is planning to use the block-chain technology for e-voting for the listed companies. For this the Elemential Labs platform will be used.National Stock Exchange to Use #BlockChain for E-Voting Tests Click To Tweet
Elemential Labs which has built the blockchain for NSE’s e-voting pilot, is a Mumbai-based blockchain startup that recently raised $1 million from investors led by Matrix Partners India, in April this year. (Source: Indianweb2)
The benefit of the use of block-chain technology will be that it will provide a transparent way to conduct e-voting at a much lower cost. Elemential Labs platform will be connected to the NSE and voting rights will be tokenized. This will enable transfer and proxy voting easier. The main challenge will be to ensure that the whole process is auditable and provide ease of conduct.
The NSE has earlier worked with a group of domestic banks to do a Know-Your-Customer (KYC) data trials, which also used the blockchain technology from Elemential Labs.
Speaking about the blockchain-based e-voting pilot, Raunaq Vaisoha, CEO Elemential Lab said, “Blockchain enables a real-time, immutable trail of all activities for the regulator. This brings us a step closer to highly transparent and clear corporate governance, an operating standard that most companies aspire to.”
There are many uses and benefits from the block-chain technology and currently China is at the fore-front of this research and use. It is time that India catches up as well.
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