CSD Blockchain Consortium Advances Work on Proxy Voting System

A blockchain consortium backed by a group of CSDs is pushing ahead with plans to develop a distributed ledger-based proxy voting system.

AccessTimeIconNov 10, 2017 at 7:00 a.m. UTC
Updated Sep 13, 2021 at 7:08 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A consortium backed by a group of central securities depositories (CSDs) is pushing ahead with plans to develop a distributed ledger proxy voting system.

The CSD Working Group on DLT was formed earlier this year by a group of companies responsible for storing huge amounts of financial instruments, including Russia’s National Settlement Depository (NSD), as well as central securities depositories from South Africa, Switzerland, Sweden, Chile, Argentina and the United Arab Emirates.

Announced this week, however, the CSD Working Group on DLT has outlined the technical requirements for a proxy voting platform to be used in shareholder meetings.

The details were shared during a workshop which included IBM, Hyperledger and Swift, with the latter assisting in ensuring the document adhered to the ISO 20022 standard.

, the group hewed to the ISO 20022 standard – used for financial messages – in an effort to ensure that the final product can be applied across a broad spectrum of services.

The ultimate goal is to create an e-proxy voting system which is both secure and transparent. The system would automatically allow or disallow voting privileges for members based on what voting rights they had within a particular organization.

Minority stakeholders would not have as many rights as majority stakeholders, according to the previously revealed plans.

"It appears that together with our partners we have managed to create a good working format and cooperation atmosphere aimed at creating new services and lowering the costs for the clients of CSDs," Eddie Astanin, chairman of NSD's executive board, said in a statement.

Voting box image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.