One of the largest banks in Europe, Santander recently announced about becoming the first company to use blockchain technology for investor voting process. This first major step is considered to be a latest example of the new technology steadily entering into the voting system.
Head of corporate services of Santander bank, Luis Antonio Perez commented on the importance of the new technology stating that it “has enhanced efficiency and transparency upon the reception and vote tabulation process, which will result in bridging the gap between all in the process”.
As reported, government authorities as well have started to principally examine the possible ways of the blockchaintechnology to be applied in their voting procedures which will eventually and potentially make an improvement over the standard procedures that are currently in use.
As reported earlier, back in March this year, Santander bank confirmed the important partnership with the US electronic data processing services company, Broadridge Financial Solutions in order to facilitate an investor ballot. At the same time, financial giants such as J.P. Morgan and Northern Trustalso participated in the initiative as custodian banks along with Santander’s dedicated Blockchain Lab.
Those interested in the industry would surely recall Russia announcing about the plans of testing the local-level blockchain based voting system after the official confirmation was made on the recent information about the system already being implemented in the country was false. While Russia is still to test the new system, Santander already launched own pioneering project last month. In the frames of the project the largest European bank headquartered in Spain, had teamed up with Ripple, as already reported. The aim of the big partnership was reported to be the opportunity to offer blockchain based international payment services and solutions to customers in certain markets.