How Blockchain Technology Can Prevent Voter Fraud

Rate this post
How Blockchain Technology Can Prevent Voter Fraud

Blockchain is soon becoming unparalleled as a technology. Although the Internet has long been acquainted with various peer-to-peer programs for file sharing, music streaming, and other purposes, the notion that these networks may offer their own security and resources dates back only to 2008. In the decade since its birth, blockchain has been mostly associated with the success of the technology that gave rise to it, bitcoin.

However, in recent years, it has swiftly become a stand-alone star. With the emergence of the world’s favorite cryptocurrency came a greater understanding of the strange and unique technology that underpins it. Developers that see the usefulness of blockchain are rushing to invent new use cases and put their ideas into action.

Many people believe that the fundamental benefit of blockchain is its capacity to enhance existing systems. From the outset, astute onlookers noticed the technology’s promise, since bitcoin provided a more secure and transparent payment processing and banking solution than previous ones. In recent years, the same individuals have utilized blockchain to transform sectors as diverse as cloud storage, smart contracts, crowdfunding, and even healthcare. However, voting fraud is one of the most serious issues that blockchain’s decentralized muscle can address.

Key Takeaways

  • Blockchain technology, which is now employed in cryptocurrency systems, offers a framework for constructing a highly secure, decentralized, anonymised, but auditable chain of record.
  • The same technology might be used to record and report votes, as well as to prevent other sorts of voter fraud in elections.
  • The globe may be ready for larger-scale blockchain voting, especially after the disinformation surrounding the 2020 U.S. presidential elections.
  Anonymous Cryptocurrency Trader Buys $400 Million in Bitcoin

Blockchain Serves the Voters

Blockchain, in its most basic form, is a digital ledger. To validate, process, and record all transactions throughout the system, the technology pulls its power from the peers—or nodes—on its network. This ledger is never saved, but rather resides on the “chain,” which is backed by millions of nodes at the same time. Blockchain’s transaction database is incorruptible, and each record is readily verified, thanks to encryption and decentralization. Because the network does not exist in a single location, it cannot be shut down or affected by a single entity.

Blockchain may be used for any sort of data transfer, not only financial transactions. Because a vote is a little bit of high-value data, this kind of system architecture is highly beneficial for voting. Modern voting methods are essentially trapped in the twentieth century due to necessity, and people who wish to vote must leave their houses and present paper ballots to a local authority. Why not make this method available online? Some have attempted, but the findings have been difficult to trust owing to significant security flaws.

Blockchain has the potential to alleviate many of the issues identified in these early efforts at online voting. A blockchain-based voting program is unconcerned about the security of its Internet connection since any hacker with terminal access cannot impact other nodes. Voters may cast their ballots without exposing their identities or political views to the general public. Officials may tally votes with complete confidence, knowing that each ID corresponds to a single vote, that no fakes can be manufactured, and that tampering is impossible.

  Cryptocurrency Exchange Coinbase Files to Go Public

Bringing Elections into the 21st Century

Companies are already attempting to introduce blockchain to the voting population. Horizon State is one such company that has developed a novel response to the issue, “What would democracy look like if it were constructed with today’s technology?” The business thinks that its initial product is the solution. The firm is presently planning an ICO for October.

Horizon’s secure digital ballot box is a sensible and cost-effective answer to the issues that plague today’s voting methods. Participants will cast their votes using decision tokens (HST) via a mobile phone or PC, which will then be entered into an immutable blockchain and used to accurately verify the election’s conclusion. Manipulation, recording mistakes, or tampering are not permitted. This approach will be beneficial for making choices in an environment where resources and authority are shared, rather than for voting. It will also boost involvement.

Voter indifference has resulted in fewer individuals showing out to vote in recent years, despite the fact that it has grown increasingly vital to do so. These figures are expected to climb if an undeniable and simple option to vote from one’s phone or computer is made available. Even governments have an incentive to alter the existing quo: when all considerations are considered, a single vote now costs between $7.00 and $25.00. This kind of blockchain solution costs under $0.50 per vote.

Horizon State co-founder Jamie Skella said, “Democracy is the chance to participate in decision-making processes relating to common problems that impact us.” Democracy is about finding an agreement on how to effectively utilize our common resources to benefit our partners, children, colleagues, employees, and fellow citizens. There is little doubt that if there are shared resources in any cooperative context, better-shared decision-making tools and procedures are required.”

  How Crypto Star Bitcoin Is Losing Its Luster As Retail Trades Fade

In the real world, blockchain-based elections are being tested. The Thai Democrat Party, Thailand’s oldest political party, conducted a primary election to pick its new party head in November 2018 using ZCoin, making it the first large-scale political election to use blockchain technology. The poll ended with a total of 127,479 ballots cast from around Thailand. 1

A True Democracy

Blockchain is opening the path for direct democracy, in which individuals may make policy decisions for themselves rather than relying on politicians to do so. While the laws of a political election may need to be modified to accommodate such a transparent system, blockchain is also excellent for informing corporate decisions, leading public meetings, polling, censuses, and other activities.

The applications for blockchain voting software are many and varied. Its capacity to engage and manage a constituency is critical to society’s future, not just for producing a transparent conclusion, but also for encouraging all people to participate in their communities. Currently, the technology is in its infancy, but it is maturing with the young voters it will one day assist, and it seems to be an important part of our collective future.

You are looking for information, articles, knowledge about the topic How Blockchain Technology Can Prevent Voter Fraud on internet, you do not find the information you need! Here are the best content compiled and compiled by the smartinvestplan.com team, along with other related topics such as: Cryptocurrency.

Similar Posts