The Association of Cryptocurrency Enterprises and Startups Singapore (ACCESS) has employed a blockchain-based solution for voting in corporate meetings. It will deploy the solution for voting during its Annual General Meeting (AGM). This is the first instance of blockchain being used for voting in corporate meetings.
ACCESS is a non-profit organization working for the development of cryptocurrency and blockchain technology in Singapore.
The solution was developed by JEDTrade, an ACCESS member who provides enterprise-level blockchain technology solutions.
The solution works in the following way:
All the members’ votes and the agenda of voting are placed on a blockchain.
Random voting codes are generated for each vote and hashed and stored in a Code Management Smart Contract written on the blockchain. The generation of voting codes gives anonymity to ACCESS members.
QR codes are generated for each voting code. Physical copies of QR code are distributed randomly at the Annual General Meeting (AGM). Each QR code corresponds to a unique voting code.
The Code Management Smart Contract keeps track of each vote to prevent double-voting.
The Voting Smart Contract will deal with the positions for which the voting is being held, the number of seats for each position and the candidates in the fray. It will also keep track of the votes as they are being polled.
Thus, when voters give their vote, the Voting Smart Contract will ensure the vote is assigned to the correct candidate.
Commenting on the solution Chairman of ACCESS Anson Zeall said,
We are seeing the future of corporate governance through the implementation of blockchain technology starting with our most important corporate governance event, our AGM.