The National Stock Exchange of India (NSE) is testing a blockchain platform developed by Elemential Labs to conduct electronic voting for listed companies, the Hindu BusinessLine local news on September 27th.
The NSE pilot will involve the tokenisation of the voting rights and the use of the blockchain platform to link the company, the registration and transfer agents (RTAs) and the regulator. Hindu BusinessLine notes that token ratings are easy to transfer and proxy, and the test will be used to evaluate how easy it is to control the entire voting process using blockchain.
Sankarson Banerjee, CTO of projects at NSE, said the blockchain system offers features that can bring the exchange "closer to an environment of better corporate governance and compliance", emphasizing that:
"The immutable nature of the blockchain will ensure that every action taken by a participant in the network is transparent to the regulator, and the intelligent contract structure allows the process of counting votes to be synchronized between the company and the regulator in real time. . "
The Elemential Labs platform uses the Hyperledger framework and NSE will take over the development and management of the front-end application of the system.
Elementary CEO Raunaq Vaisoha echoed Banerjee in supporting the power of the blockchain to ensure regulatory compliance in real time and offer "a highly transparent and transparent corporate governance", which he considered "an operating standard to which most companies aspire. ".
As reported at the beginning of this month, the Council of Ministers of India – the main decision-making body in the country led by Prime Minister Narendra Modi – has approved a Memorandum of Understanding (MoU) with BRICS members on research collaborative on blockchain and other distributed accounting technologies (DLT).
This summer, the Indian state of Telangana announced that it would sign several agreements with blockchain companies to implement the technology through government services.
While the blockchain is rife with the country's government, the Supreme Court of India is currently in the midst of reviewing the controversial ban by the Reserve Bank of India (RBI) on the relationships of banks with encrypted entities. Just this week, the court heard the latest series of petitions on the ban, which is officially in force since 6 July.