The supreme authorities of Korea have started to bring into life a new fintech project, aimed at raising reliability and security of online voting facilities. Blockchain platform is promised to be completed next month, with several trials prior to the launch.
"We expect the blockchain-based voting system to enhance reliability of voting," said Kim Jeong-won, a ministry official. "The ministry will continue to support the application of blockchain technology to actively utilize it in areas that require reliability."
Blockchain Use Case
The Ministry of Science and ICT and the National Election Commission (NEC) have concluded a partnership aspiring to develop a new online voting system based on the transparency that can be achieved with a help of blockchain. It is a decentralized peer-to-peer network that allows users to generate computing power which guarantees security of the system. A perfect example of blockchain use case is cryptocurrency, such as Bitcoin and Ethereum.
The ministry reports that this technology will be applied to every stage of the voting process, including authentication of voters and verification of the results. Blockchain allows eliminating forgery or falsification of voting results. Furthermore, it contains a function giving candidates an access to data, stored on the system, so they can supervise the results personally.
Comprehensive System Trial
The ministry and NEC commented that all the necessary trials will be performed in order to check the voting platform for bugs. According to the authorities, the technology will be applied to the latter’s online voting system, called K-Voting, depending on the results of these trials.
Moreover, the NEC revealed that the institution plans further enhancement of the voting system by implementing the newest technologies, such as artificial intelligence, internet of things, and big data.