What could possibly go wrong with this? A financial giant in charge of our voting system. Will the SEC audit people’s votes? Will the fiduciary rules apply to voting? Will there be a “voting mutual fund”? Yeah, what the h***………..it might work.
The world’s fourth largest financial services and mutual fund company, Fidelity, is trying to obtain a patent based on blockchain technology that could be used to authenticate voters and process fair elections. The patent office got an application for “Crypto Voting and Social Aggregating……………………”, or “SOCVOACT” (way to long a name to write it out) earlier this month. The application (and patent) can be applied to other uses as well like evn locating missing persons. It may be a something really huge, or make the case for Fidelity to just stick to mutual funds. Informational read though.
“Fidelity Investments, the world’s fourth largest mutual fund and financial services group, is looking to patent a method by which a blockchain could be used for authenticating voters and processing fair elections.
On 16th February, the US Patent and Trademark Office released an application for “Crypto Voting and Social Aggregating, Fractionally Efficient Transfer Guidance, Conditional Triggered Transaction, Datastructures, Apparatuses, Methods and Systems” (SOCOACT), originally submitted by Fidelity on 14th July, 2016.
The filing is attributed to Fidelity employees Timothy Lohe, Hadley Rupert Stern, Raghav Chawla and Christopher Scott Parsons, located in Massachusetts, and Thomas Charles McGuire, based in Ireland.
The application outlines the structure of Fidelity’s ‘crypto-voting apparatus’, the components of which include voter authentication, vote processing, a crypto user interface (UI), a blockchain oracle and a smart contract to direct all computational actions….
“Read Full Article at CoinDesk