Possibility with blockchain-based voting system and more

Last week “Blockchain This Week” talked about how security risks can persist even with blockchain-based voting systems, as highlighted in a report prepared by MIT researchers

However, some researchers continue to argue that blockchain technology could be the answer to many of the concerns raised about voting methods prevalent during elections.

Blockchain-based systems can work well in securing against double votes, as well as creating a transparent yet tamper-proof network for all stakeholders

“Blockchain This Week” last week talked about how security risks can persist even with blockchain-based voting systems, as highlighted in a report prepared by researchers from the Massachusetts Institute of Technology (MIT). The report specifically raised questions on this matter Reportedly, blockchain-based voting systems such as Voatz, which was used in US municipal elections suffers from data security issues.

However, some researchers persist in saying that blockchain technology could be the answer to many of the concerns raised about voting methods prevalent during elections.

The debate on the effectiveness of blockchain-based voting systems also picked up momentum during the 2020 United States presidential election, which saw an increase in the number of votes by mail due to Covid-19, thus substantially delaying the process of count.

A blockchain-based voting system works with a distributed network of computers to verify transactions. Once verified, the results are recorded in blocks and cryptographically linked to the previous block. Blockchain-based systems can work well in securing against double votes, as well as creating a transparent yet tamper-proof network for all stakeholders, which could be the electoral agency, government and select groups of people in charge of securing elections. free and fair.

Maxim Rukinov, head of St Petersburg State University’s Distributed Ledger Technologies Center, told Cointelegraph that blockchain allows a system of fair elections to take place within a trusted environment between participants who generally don’t trust each other. on the other: “With blockchain, you can make the vote available and increase the transparency of any election. In a perfect scenario, the results of such a vote cannot be falsified.”

According to Don Tapscott, co-founder of the Blockchain Research Institute, within a blockchain-based system, public trust in the voting process is achieved through cryptography, coding and collaboration between citizens, government agencies and other stakeholders.

More news

China Xi calls on the G20 countries to be open to CBDCs

In a wide-ranging speech that addressed the future of the global economy in the wake of the COVID-19 pandemic, Chinese President Xi Jinping said the G20 “must discuss the development of standards and principles for central bank digital currencies with an open and accommodating attitude. “You can read the story Here.

The digital yen will make the crypto market “livelier,” says Monex CEO

According to a Reuters report, the CEO of Japanese financial services giant Monex Inc. welcomes the country’s central bank’s more proactive stance towards central bank digital currencies or CBDCs. Earlier this year, the Bank of Japan announced its plans to test a proof-of-concept of the central bank’s digital currency. Read the whole story Here.

Source link