Currently, the company is focusing on IBC/IRPs, housing societies, educational institutions, non-governmental organisations, and clubs and associations. It also intends to launch company shareholder voting services, similar to those offered by NSDL and CDSL, once regulatory approvals are obtained, according to a senior executive.
Vivek Kumar, CEO of Votechain, stated, “Blockchain technology has the potential to fundamentally alter the current voting system.” The system's high level of security and transparency ensures a secure and anonymous voting environment. We've leveraged technology to provide users with a frictionless voting experience.”
Blockchain technology utilises decentralised ledger technology (DLT) to store data in linked blocks. Due to its decentralised data storage and hashing algorithm, blockchain provides a significantly higher level of security than conventional database systems, making it nearly impossible to change, hack, or manipulate the system.
The application of blockchain technology extends beyond cryptocurrency, which was the technology's initial use case. It is now being used in a variety of other applications, including supply chain management, healthcare, insurance, non-financial transaction marketplaces, public records management, and real estate, to name a few. Online voting is a space where blockchain shines due to the added security and cost savings over traditional physical voting.