Estonian Nasdaq to Adopt Shareholders Voting on Blockchain
As reported by Baltic Course, Nasdaq will cooperate with the Estonian e-residency platform to maintain e-voting service for companies listed on Nasdaq’s Tallin stock exchange. The service will allow the shareholders to vote on various issues without being actually present.
Estonian e-residency program allows foreign residents to obtain virtual residency of Estonia to run their enterprises under Estonian regulations. However, the program does not imply actual citizenship or residence rights for those involved.
According to Nasdaq, both Estonian citizens and e-residents will have an opportunity to take part in collective management of companies. The blockchain technology intended for the process will maintain security and immutability of votes. The pilot project for the cooperation is said to launch some time in 2016.
“I’m delighted Nasdaq will be using the e-residency platform to offer shareholders a new e-voting system. When we started the e-residency project a year ago we knew we would change the way people think about nations and citizenship. Now, via our e-voting collaboration with Nasdaq, we will be revolutionizing corporate governance,” said Kaspar Korjus, program director of the e-residency program.
Hans-Ole Jochumsen, president of Nasdaq, commented:
“On the heels of the successful execution of a blockchain transaction in the US private market, we are pleased to further advance this technology in Estonia. Estonia’s robust information society and forward thinking coupled with the agility its size affords, creates a unique opportunity to premiere the e-voting pilot in Estonia. We’re excited to see the development of this project over the coming months, and look forward to working closely with the government of Estonia to set a transformative example of the future of governance.”
Nasdaq has been using the blockchain technology before. In 2015, it successfully launched its private securities market via Nasdaq Linq, which employs blockchain technology to secure the issuance process.
Estonian e-residency program has earlier partnered with BitNation, a self-proclaimed “world’s first blockchain-powered virtual nation” to render notary services to Estonian e-residents.
“E-residents, regardless of where they live or do business, will be able to notarize their marriages, birth certificates, business contracts, and much more on the blockchain,” the project’s press release read.
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