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Come April 2022, corporates in the country may get to ride on blockchain technology to conduct online voting for their shareholder meetings.
EasyVC, a tech startup focused on blockchain based online digital solutions, plans to enable corporates to conduct shareholders voting process at their annual general meetings through its Blockchain-based online voting platform, Amit Jindal, Co-Founder of consulting firm Felix Advisory and Strategic Advisor to EazyVC, said.
EazyVC will be the first startup that will be providing blockchain based online voting for corporate compliance. This will give added benefit of more transparency and traceability (given the immutability nature of the blockchain technology) in corporate compliance related voting events, said Vivek, Chief Executive Officer, Votechain Pvt Ltd.Already NSDL and CDSL provide e-voting platforms for listed corporates in the country
From cryptocurrencies to Central Bank Digital Currencies (CBDC), from NFT Marketplaces to business applications like Decentralized Finance (DeFi) and supply chain, blockchain as a technology is witnessing unprecedented growth.Blockchain uses DLT - Decentralized Ledger Technology for saving data in blocks that are connected in a chain. Blockchain provides a significantly enhanced security as compared to the conventional database systems due to its decentralized databases and hashing algorithm, which makes it nearly impossible to change, hack or manipulate the system.
Platform Application
Jindal said that the global market size of the online voting and e-ballot industry is more than $ 500 million and could reach $ 2 billion by 2027.EazyVC is an online voting tool for corporate compliance. It is the first blockchain-based e-voting platform in India and its applicationranges from elections of housing societies, education institutes, NGOs, government bodies, clubs, associations and more.
In Dec 2021, EazyVC.com launched its services for Insolvency Resolution Professionals, resolution professionals and Liquidators operating under the Insolvency and Bankruptcy Code (IBC).Kunal Tomar, COO, Votechain Pvt Ltd said “Blockchain technology is going to expand exponentially in its applications across industries and blockchain-based online voting is an idea, whose time has come.”
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