Ukraine election body tests NEM blockchain for possible use in voting 20540
Jessica Kuruthukulangara
Aug 8, 2018 at 2:09 AM

NEM on Tuesday said that the Central Election Commission of Ukraine has run an experiment to explore NEM’s potential use case for local and national elections. According to a Facebook post by Oleksandr Stelmakh – the head of the state register of voters, the testing was done with the help of built-in NEM blockchain modules.

Experiments on the same are still being carrying out, the post added. The experiment attempted to use this technology to store information regarding the voters’ count during the presidential election in 2014.

Benefits of using blockchain in voting

The post listed out the advantages of using this blockchain technology for the election process. Firstly, it is impossible to make changes to the information stored in the blockchain, which is decentralized. Moreover, the NEM blockchain has an advanced API, which allows users to get data in a more convenient format.

The experiment was conducted in a test environment, using test coins for conducting transactions on the blockchain – which were provided by Anton Bosenko, a representative of the NEM Foundation in Ukraine.

See also: NEM Foundation,Tutellus & Cryptonomos merge to revamp education as we know it

Based on the results of the experiment, the projected cost of placing a node, which can be used for voting in each polling station, is roughly $1,227. According to Stelmakh, this estimate is a small price to pay for preserving socially important data for a lifetime.

The experiment marks another win for NEM, which recently got its digital asset XEM listed on Ukraine-based Kuna Exchange. The crypto exchange offers trading of virtual currencies against the Ukrainian Hryvnia (UAH). Kuna also enables coin-to-coin trading.

Ukrainian govt positive on cryptos

Ukraine may soon be a crypto-friendly nation, with the government working towards accepting and regulating digital assets.

The State Service for Special Communication and Information Protection of Ukraine in June said it was not planning to regulate mining of virtual currencies, according to a report by mediahouse

See also: NEM’s blockchain will make WeChat unhackable, says NEM’s VP

Moreover, the country is also reportedly preparing draft legislation to legalize cryptocurrencies.

The Ukrainian National Securities and Stock Market Commission (SSMCS) will consider recognizing cryptocurrencies as a financial instrument. Timur Khromaev, head of the commission, recently stressed on the importance of legal recognition of digital currencies.

Image via Shutterstock

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