Blockchain technology for seamless voting in insolvency resolution process
Could blockchain make the voting process in a corporate insolvency resolution (CIRP) process simpler? Well, only time will tell if it does so, but some technology start-ups are nonetheless developing applications towards this end.
Votechain Pvt. Ltd, a tech start-up focused on blockchain based online digital solutions has recently launched India’s first blockchain-based online voting platform eazyvc.com. It is the first blockchain-based e-voting platform in India and the application of this platform ranges from voting in the CIRP under the insolvency and Bankruptcy Code, housing societies, education institutes, NGOs, government bodies, clubs, associations and more. EazyVC is also planning to launch company shareholder voting services like the e-voting platforms of NSDL and CDSL, after receiving the regulatory approvals.
The company enables organizations and establishments to experience a seamless election process that is accurate and trustworthy. The company creates a tailored voting platform in the digital environment where people can access their right to vote safely with ease while ensuring flawless participation in the election process, its tabulation and statistics with guaranteed privacy and protection.
Blockchain uses decentralized ledger technology (DLT) to save data in blocks that are chained together. Due to its decentralized data storage and hashing algorithm, blockchain provides a much-enhanced level of security compared to the conventional database system, making it nearly impossible to change, hack or manipulate the system.
The application of blockchain goes beyond cryptocurrency, which was the initial use case of the technology. It is now being used in a myriad of other applications like supply chain, healthcare, insurance, NFT marketplaces, public records, and real estate to name a few. Online voting is a space where blockchain has its distinctive advantage for the security it brings in and the cost-saving over conventional physical voting.
Vivek Kumar, CEO, Votechain Pvt Ltd, says that blockchain technology has the potential to bring revolutionary changes in the voting system that we have right now. “The highly secured and transparent system creates a safe and anonymous voting environment. We have used the technology to bring a seamless voting experience for users,” he says.
Kunal Tomar, COO, Votechain Pvt Ltd, says: “Blockchain-based online voting system can deliver the need for a trusted and secured voting process at a significantly lower cost as compared to physical voting. EazyVC has brought industry veterans in the field of technology, digital marketing, and regulatory compliance together under an umbrella to build a platform that will change how voting is seen and done across the globe”.
See Also: Can Kohinoor Foods survive flurry of insolvency petitions filed against it?
