The South Korean province of Gyeinggi-do has used a voting system based on the blockchain technology. The voting competed successfully as 9000 residen
The South Korean province of Gyeinggi-do has used a voting system based on the blockchain technology. The voting competed successfully as 9000 residents gave their votes both offline and online. The blockchain platform was developed by Korean Fintech start-up Blocko. The Gyeonggi-do province, which implemented the voting platform, is the most populated in South Korea, according to cryptocoinnews.com.
“Blockchains will change the world within a few years just as smartphones did. We can complement the limits of representative democracy with some direct democracy systems by using blockchains, the technology of the Fourth Industrial Revolution.”, said Gyeonggi-do Province Nam Kyung-pil.
“Using this technology, all the information needed for voting such as voters, voting contents and hours along with complicated voting process can be registered in a blockchain, which allows highly credible online voting without the engagement of a central management agency.”, commented Blocko in a press release available at coinstack.zendesk.com.
Following the success of the project, numerous institutions have contacted Blocko to help them adopt blockchain-based voting systems, added Blocko`s CEO Beom Kim.
“By using a blockchain technology in online voting, we can save expenses required to maintain a central management agency and time to collect vote results.”, said Kim.
In the meantime, South Korea`s securities exchange operator, the Korea Exchange (KRX), has reportedly launched a blockchain-powered platform where start-up companies can trade equity shares on the open market, according to cryptocoinnews.com.
The blockchain platform called “Coinstack” has been developed by Blocko and serviced via cloud and locations.
“This is the first example of commercialization in which blockchain is applied to the Korean over-the-counter market.”, commented Won-Beom Kim shortly after the announcement.