Note from the CEO: We at FintekNews do try to focus our stories on the US BUT since this is election time here (really, you say?) this article is very topical. Agreeing that electronic voting will come to pass (sometime), using blockchain technology could bring much more transparency, efficiency and fairness to democracies. The electoral system has overstayed its presence anyway in today’s world and blockchain could be a way to just have a popular vote.
“Calling electronic voting inevitable,’ a new paper by Philip Bucher for the European Parliament speculates on the possibility of Bitcoin’s revolutionary blockchain technology to bring transparency, efficiency, and greater fairness to elections in its various member democracies………..
The paper [PDF] notes that there are two potential approaches to utilizing the blockchain in an electoral sense. The first would be for governments themselves to establish a blockchain among citizens for the recording of votes. The author shows a clear understanding of the value of such an implementation: universal checks and balances could potentially eliminate virtually all fraud.
However, noting that the security of a blockchain is based on the “breadth of its users,” the paper speculates that smaller populations might do better to use an existing, incentivized blockchain, such as the Bitcoin one. Smaller countries that may be vulnerable to outside influence or inner turmoil would benefit from the security of the mining network. This reporter speculates that even larger countries would be wise to utilize a blockchain where there is serious financial gain to be had for following the rules; rewriting the a few thousand blocks is near impossible for a given actor, no matter how motivated by corruption or political aims.”