The national stock exchange of India is testing blockchain for voting

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The national stock exchange of India (NSE) tests developed by Elemential Labs blockchain platform for conducting the e-voting among located of listed companies, told the local edition of the Hindu BusinessLine.

A pilot project of the Indian stock exchange NSE is tokenization the voting rights and the use of blockchain-based platform for enterprises hosted on the exchange the companies and agents registration and transfer (RTA).

In the local edition of the Hindu BusinessLine reported that the test results will be used to determine the potential of using blockchain technology for auditing of voting procedures.

Head of technical projects of the stock exchange NSE Sankaran Banerjee stated that the blockchain system has characteristics which will allow the exchange to reconcile with the “environment of improved corporate governance and control,” stressing:

“The immutable nature of the blockchain will be a guarantee that every action of a member of the network will be transparent to regulators. In addition, the use of smart contracts will ensure the synchronization of the counting process between the company and the regulator in real time”

Developed Elemential Labs blockchain platform uses technology Hyperledger and NSE, according to representatives of the company, undertake the development and management frontend applications.

Chapter Elemential Rauner Visoka also noted the benefits of the blockchain, from the point of view of interaction with the regulators in real time and the ability to offer “highly transparent corporate governance”, which, he believes, “want some company”.

Earlier this month the government of India has approved the signing of a Memorandum of understanding (MoU) with the BRICS countries on a joint study of the blockchain technology. In August several state institutions in India have already started to use the platform that provides a digital method of identification of citizens, simplifying this process, and the Centre of development and innovation Kerala (K-Disc) began developing a blockchain system to improve the supply chain of milk, vegetables and fish.

Recall now that the Supreme Court of India is considering the legality of the controversial ban of the Central Bank of the country for providing banking services related to cryptocurrency firms: this week, the court heard the final round of petitions for reconsideration of the ban that officially came into force on 6th July, adversely affecting the activities of local kryptomere.

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