Blockchain Pilot For E-Voting Planned By National Stock Exchange Of India

Blockchain, News | September 28, 2018 By:

The National Stock Exchange of India (NSE) has teamed with Elemential Labs to test blockchain technology for e-voting for listed companies.

Established in 1992, NSE is the largest stock exchange India with a total market capitalization of more than $2.27 trillion. NSE has taken huge strides in technology since its inception. In 1994, when trading started, NSE technology was handling 2 orders per second. This increased to 60 orders a second in 2001. At present, NSE can handle 160,000 orders/messages per second, with infinite ability to scale up at short notice on demand.

Founded in 2015, Elemential Labs is building a blockchain development ecosystem focused on making enterprise adoption a smoother experience for both the developer and the enterprise. Its product, Hadron, claims to make blockchain administration a secure and easily managed process.

The two companies will be working together to conduct a pilot that involves setting up a blockchain to connect the regulator with the company and transfer agents (RTA) during the voting process. Voting rights will be tokenized to make them easy to transfer and proxy. The pilot, which will use a blockchain solution built using the Elemential platform on the Hyperledger framework, will be used to evaluate how easy it is to audit the entirety of the voting procedure using blockchain.

“Blockchain enables a real-time, immutable trail of all activities for the regulator,” said Raunaq Vaisoha, CEO Elemential Lab. “This brings us a step closer to highly transparent and clear corporate governance, an operating standard that most companies aspire to.”

Sankarson Banerjee, CTO of projects at NSE, said that the features of blockchain will take them closer to an environment of improved corporate governance and compliance.

“The immutable nature of blockchain will ensure that every action taken by a network participant is transparent to the regulator,” Banerjee said. “Additionally, the smart contract framework enables synchronisation of the vote count process between the company and the regulator in real time.”