National Stock Exchange of India Ltd (NSE) is conducting tests to use blockchain for e-voting for listed companies on the Elemential Labs platform.

The pilot involves setting up a blockchain to connect the regulator with the company and the RTA during the voting process. Voting rights will be tokenised, thus making them easy to transfer and proxy. The test will be evaluated on the auditability of the actions on the chain as well as the ease of conducting the process using blockchain.

Sankarson Banerjee, CTO-Projects, NSE said, “The immutable nature of blockchain will ensure that every action taken by a network participant is transparent to the regulator. Additionally, the smart contract framework enables synchronisation of the vote count process between the company and the regulator in real time. These features will take us closer to an environment of improved corporate governance and compliance.”

The pilot, aimed at providing a highly transparent and low-risk solution for e-voting, would enhance transparency in the voting process. The blockchain will be built using the Elemential platform on the Hyperledger framework. The SI partner is NSE IT, which is in-charge of building and managing the front-end application.

Speaking about the pilot, Raunaq Vaisoha, CEO Elemential Lab said, “Blockchain enables a real-time, immutable trail of all activities for the regulator. This brings us a step closer to highly transparent and clear corporate governance, an operating standard that most companies aspire to.”