Russian Depository Develops Blockchain E-Voting
The National Settlement Depository of the Russian Federation (NSD) has successfully completed the development of an e-voting system based on blockchain technology.
The e-voting platform is a universal voting mechanism. It enables security holders to remotely participate in shareholder meetings and also to vote in absentia at annual general meetings.
The new system was developed using the Linux Foundation’s Hyperledger Fabric, along with zero-knowledge protocol, for an increased level of confidentiality among participants. The system also allows traceability of events through a tokenization voting process using cryptography and smart contract techniques.
The e-voting platform will be used for the first time at Sberbank’s annual general meeting of shareholders, where executives will sum up the 2016 results.
“Creating a confidential variation of Hyperledger Fabric through tokenization allows us to offer a mathematically proven level of privacy protection, accepted by market participants,” said NSD head of the distributed account systems department Alexander Yakovlev. “Our next challenge is to scale this solution to other scenarios of application in post-trading services.”
