Singapore Crypto Association has successfully implemented the first blockchain voting in the Annual General Meeting (AGM).
The news is reported by Finews Asia. According to its report, The Association of Cryptocurrency Enterprises and Startups in Singapore (ACCESS) has said that they have successfully implemented the first on-premise blockchain voting.
For blockchain voting, several trials were conducted in the year 2018 and 2019. But now they have finally succeeded in conducting the first blockchain voting in 2020.
On 13th Jan 2020, the ACCESS chairperson Anson Zeall says while announcing the news:
The blockchain voting process helps uphold the true values of democratic voting in ensuring authentic votes are being legitimately accounted for with a transparent audit trail. We are seeing the future of corporate governance through the implementation of blockchain technology starting with our most important corporate governance event, our AGM.
DLT Voting mechanism
This voting is based on DLT (Distributed Ledger Technology) voting mechanism. A member of ACCESS named JEDTrade developed this voting mechanism. JEDTrade uses Metamask to work with the DLT.
DLT voting is powered by Ethereum and aims to make the voting process transparent. It will also ensure the anonymity of voters. Voters who will participate in the voting will remain anonymous. It also eliminates the danger of double voting.
Open Ledger Technology is becoming Popular
With the passage of time, the open ledger technology is becoming more popular day by day.
China has also accepted that the blockchain industry is very crucial for the future development of the country. The president of China Xi Jinping publicly announced to adopt the blockchain technology. After the acknowledgment by China for the blockchain adoption, the blockchain technology is even becoming more popular.