Brazilian Association of Fintech (ABFintechs) is making history in Brazil by becoming the first organization to implement a decentralized election system for its new board of directors committee. The election will take place on October 9, 2018, and the blockchain community is looking forward to this groundbreaking moment in the history of blockchain implementation in the country.
The First Decentralized Electoral Process
The idea of a fully decentralized electoral system is nothing new as several countries are experimenting with it but, the AFBFintechs is going to be the first association to achieve this feat.
The proposal was put forward by a top executive of a local cryptocurrency exchange Foxbit, Ingrid Barth who occupies an important position in the outgoing ABFintechs committee as the leader of crypto-economics and blockchain.
According to him:
“Our companies work with disruptive technologies, so it makes sense for us to a pioneer in implementing the first Brazilian election on the Blockchain which is low cost, transparent and secure and can become a benchmark for other electoral processes too. Who knows in the future we can choose our public representative through Blockchain Technology. I think we are taking the first step towards bringing the future closer”
The decentralization move was headed by Bernardo Pascowitch, director of the ABFintechs association and CEO of Yubb, a free online investment-related search engine.
According to Pascowitch:
“Technology is revolutionizing and modernizing the Brazilian market with codes and algorithms replacing the bureaucratic processes. We, being the Brazilian Association of Fintechs, find nothing more coherent than using disruptive processes like Blockchain to elect the next board, which changes every year. It is with innovations and useful resources that we continue to generate businesses for our associates, representing their interests in front of regulatory bodies and providing positive social impact”
Lowering the Cost of the Election Process
The election itself will be held with the help of OriginalMy, a Brazilian startup specializing in digital signatures and certification of documents with the help of Decentralized Ledger Technology (DLT). According to the organizers of the election, the election will lower the cost of the election process for the association’s various members thus proving to be a cost-effective solution.
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