National Stock Exchange of India (NSE) is conducting a series of tests on a Blockchain platform developed by Elemential labs to later use it for e-voting for listed companies.
The pilot includes building a Blockchain to connect the regulator with the company and transfer agents (RTA) during the voting process, using tokenized votes. The test will help to evaluate how easy it is to audit voting using Blockchain.
Yuri Molchan“The immutable nature of Blockchain will ensure that every action taken by a network participant is transparent to the regulator. Additionally, the smart contract framework enables synchronization of the vote counting process between the company and the regulator in real time. These features will take us closer to an environment of improved corporate governance and compliance,” Sankarson Banerjee, CTO of projects at NSE, commented on the procedures.
Blockchain should prove to be both a transparent and low-risk solution to be later implemented in the voting process. The platform by Elemential Labs uses the Hyperledger framework and NSE will reportedly be in charge of building and managing the front-end application.
Discussing the pilot, Raunaq Vaisoha, CEO of Elemential Labs, 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.”
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