A South Korean local authority has made use of a blockchain developed by Blocko in tallying votes on community funding priorities.
Gyeonggi-do, South Korea’s most heavily populated local authority area, made use of Blocko’s Coinstack infrastructure for their voting process, which sought the opinions of local people in determining the allocation of funding to some 527 community projects.
The successful pilot is an exciting development for blockchain tech, and one of the first examples of its kind worldwide, where blockchain technology has been used to record votes from multiple different sources.
Over 9,000 individual votes were submitted via both online and offline channels, and with the help of the Blocko-devised solution, the authority was able to accurately reflect the outcome without the usual difficulties.
Before the rollout of this blockchain model, previous decisions had been made in private, with physical elections proving too costly, time-consuming and logistically difficult in the region.
Won Beom Kim, the CEO of Blocko, praised the development in spelling out how it was put together.
"We used blockchain and Lua based smart contracts on our blockchain platform (and) Coinstack to create a dynamic voting process to solve this problem. In this process, offline voters, online voters, and professional representatives all contributed to a fair and deterministic result which resulted in the selection of 527 community projects."
Blockchain technology can be used in a wide variety of different functions and industries, with developers already working on solutions for industries like banking, shipping and logistics, animal husbandry, and trade finance.
The example of its use in an election process is another promising use-case for the technology, which some analysts suggest could one day replace traditional methods of processing democratic results.
The successful conclusion of this election process via the blockchain will come as good news for developers and advocates of the technology, demonstrating perfectly the potential significance of blockchain models.
However, while groundbreaking, it is not the first time South Korea has used blockchain tech developed by Blocko.
The Korea Exchange, the country’s stock exchange, launched a blockchain platform back in November, looking at authentication and identification across transactional data.