Europe-based KAS Bank, in collaboration with IT services provider Atos Origin, has developed a new blockchain app with the objective of streamlining the voting process.
Founded in 1806, KAS Bank provides wholesale securities services for professionals in the pensions and securities industries in the Netherlands, the United Kingdom, Germany, and Belgium. It serves pension funds, insurance companies, private banks, family offices, fund managers, professional investors, investment companies, wealth managers, brokers, and charities.
The new blokchain app, called Voteroom, was built using the ethereum framework. The app aims to enhance the efficiency, security, and transparency of the complex voting process. Voteroom will be put to the test for the first time at KAS Bank’s general shareholders meeting on April 25. Once testing is completed, the app will be available to listed companies to purchase and free for shareholders to use.
Pat Sharman, UK managing director of KAS Bank, said Voteroom will expedite collation of ballots and significantly improve reporting transparency.
“Upholding shareholder’s democratic voting rights, we identified the gap for improved efficiency and transparency when communicating shareholders’ decisions on investment policies,” said Sharman. “This initiative demonstrates our commitment to innovation and improving governance standards via the use of technology. It is encouraging to see progression of further positive pioneering data services being developed by our forward-thinking Kas Lab, not only bringing institutional schemes into the technological age but ultimately making the lives of shareholders’ far easier.”
Sharman added that further opportunities for blockchain technology exist in the pensions sector and elsewhere.
“If you think about all the records that you have to hold for pension fund investments, but also the membership and administration, you can see the future that potentially blockchain could go in supporting the data that pension funds hold and need to make more informed decisions,” Sharman said.
Last week, international software security group Kaspersky Lab announced a secure online voting system called Polys. Based on ethereum smart contracts, Polys aims to provide anyone with the ability to conduct secure, anonymous and scalable online voting, with results that cannot be altered by participants or organizers.
Source: Read Full Article