Depending on the distribution of voting rights, the participants receive different numbers of tokens from the system, with which they can then vote. Time-consuming steps, such as identifying and authenticating the participants and coordinating their voting, will ultimately be taken over by the system.
The voting system should be based on the news spy
The details were published at a workshop where, among others, IBM Hyperledger and SWIFT were represented. SWIFT made sure that the news spy development complied with the ISO 20022 standards. The alignment to the ISO 20022 standard should enable the news spy product to be applied in many different areas.
“One of the main areas of responsibility of the National Settlement Depository as a systematically important infrastructure is to create uniform standards that allow new digital products to be implemented in international and Russian markets. Together with our partners, we have managed to create a good working atmosphere in which to develop new services and, above all, reduce costs for our customers, says Eddie Astanin, chairman of NSD.
The involvement of further global players is planned
According to the working draft, in the future it is above all the intention to attract other internationally active organisations to participate in the project. To this end, the ISO standard will be further expanded and solutions will be developed that also work across national borders.
The idea of organizing the distribution and counting of votes via the blockchain is also conceivable elsewhere. For example, BTC-ECHO has proposed the use of the technology for the Bundestag elections.
If several of these central securities depositories then join together to form an association, it is obvious that the administrative costs are extremely high. Especially when they are still trying to reach a consensus on certain issues. Just the fact that individuals represent companies of different sizes can lead to complications in voting. To solve these difficulties, the CSD Working Group on DLT has announced that it has defined the technical framework for a proxy voting system for shareholder meetings. The use of blockchain technology is intended to simplify or automate the work steps.