Client
India’s Leading Capital Market Player
Challenge
Client’s voting process involved multiple stakeholders from diverse entities – market regulator, registrar & transfer agents, corporate companies.
Voter confidence is of paramount importance to establish a clear corporate governance system. The traditional methods of conducting the e-voting process do not establish a strong voter confidence due to limitations such as:
Electronic voting machines have been viewed as flawed, by the security community, primarily based on physical security concerns. Anyone with physical access to such machine can tamper with the machine, thereby affecting all votes cast on the aforementioned machine.
Solution
We created a blockchain-based electronic voting system that utilizes smart contracts to enable secure, immutable and transparent audit trails of all activities.
Why Blockchain / Distributed Ledger Technology ?
The ledger exists in many different locations: No single point of failure in the maintenance of the distributed ledger
There is distributed control over who can append new transactions to the ledger
Any proposed “new block” to the ledger must reference the previous version of the ledger, creating an immutable chain from where the blockchain gets its name, and thus preventing tampering with the integrity of previous entries
A majority of the network nodes must reach a consensus before a proposed new block of entries becomes a permanent part of the ledger
These technological features operate through advanced cryptography, providing a security level equal and/or greater than any previously known database.
The immutable nature of blockchain ensured that every action taken by a network participant is transparent to the regulator. The voting rights were tokenised, thus making them easy to transfer. Tokenising of voting means a form of digital envelope which allows only end voter to open it, which helps in preventing tampering of the data.
