Japanese firm creates a blockchain voting protocol

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 9, 2020
  • The japan-based company, Layer X, announced recently the creation of a blockchain voting protocol.
  • The company hopes to use its protocol in the Tsukuba City smart city project.
  • The firm aims to bring new benefits to local governments and push a shift towards electronic voting.

The US elections caused quite a lot of people to start considering blockchain voting due to its faster and safer processes. Of course, many were thinking about this issue long before the US elections, although for many, it was still a thing of the future.

One firm based in Japan, however, decided to start working on the concept, and it just announced its development.

How can the protocol help?

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The company that is developing a voting protocol based on blockchain technology is Japan-based Layer X. The company actually created the protocol as part of a smart city initiative, which is currently pursued by Tsukuba City.

The company is headquartered in Tokyo, and it noted that the new system will meet all the technical needs of eVoting. That includes safety measures that can prevent issues like double voting. However, it would also provide accurate storage for the votes, it can improve the management of operation records, and, of course, it can boost voter confidentiality.

The protocol is capable of doing even more, such as allowing voters to see their voting results, and verify whether the votes on the network have performed correctly.

What does Layer X hope to achieve?

According to Layer X, the goal of developing the system is the desire to push for a shift in the way voting works. The firm believes that electronic voting in local governments is the way to go, and that this would also help with solving technical issues regarding DX (digital transformation) of different administrative services.

As mentioned, this all comes from the firm’s intention to join the Tsukuba City project and turn it into a smart city by pushing it deeper into the digital age.

Of course, online voting is not only appreciated for its greater security and speed. Due to the COVID-19 pandemic, it will also reduce the chances of infection if voters are able to perform their duty remotely.

Japan is far from being the only one who has tried digital solutions. Russia is currently testing similar blockchain-voting projects, and the French commune of Verneuil-sur-Seine already did a vote of this kind.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money