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Russia has become one of the first countries in the world to develop an application for online Voting for corporates based on Blockchain technology. Blockchain for E-Voting system will ensure complete transparency and enable to maintain complete anonymity of the shareholders in Corporate E-Voting.
The system was developed by DataArt and National Settlement Depository (NSD). NSD is a member of the “Moscow Stock Exchange” group.
Making of the Blockchain
The work for this difficult task was started one year back and the system was designed to meet the following three objectives.
- Each participant can verify that their votes is accounted for.
- No Voters should know what decision was taken by others.
- All the data should be stored permanently and is immutable.
The first and third objective were easy to achieve with the help of Blockchain. However the second objective was a challenge regarding maintaining privacy of voting decisions.
The NSD and DataArt team have addressed these challenges by integrating zero-knowledge proof technology into HyperLedger Fabric platform. This integration has helped them achieve the objective to maintain shareholder’s privacy and at the same time helped them to avoid voter fraud.
This application will be available for public usage in a couple of months. This is because there is couple of open issues to be addressed. The Key open issue is that the process and the results of the E-voting should get acceptance to be enforced legally.
The Russian Government has been highly supportive and shown a lot of interest in embracing Blockchain technology in the country. However they believe investment in cryptocurrency is highly risky and always has been cautious on embracing it and is working on regulating the same.