Financial services firm TMX Group yesterday became the latest to join the heated race to provide stockholders with blockchain solutions for voting.
The operator of the Toronto Stock Exchange, the Montreal Stock Exchange and more, revealed it has completed a proxy prototype for stockholder voting, using an unspecified blockchain platform.
As told to CoinDesk, however, the prototype is being constructed with technology from the Linux-led Hyperledger blockchain project.
TMX spokesperson Shane Quinn said:
"The prototype is based on the Hyperledger platform and will feature all of the data confidentiality requirements that the TMX is governed by."
Called the E-Proxy Voting System, the prototype is designed to increase stockholder engagement by making voting more secure while at the same time improving remote access.
External parties were simulated during the test, though live users, including regulators, could be added to the system in the future.
While technical details about the prototype remain sparse, today's news comes slightly more than a year after TMX Group announced it had hired ethereum co-founder Anthony Di Iorio to explore blockchain technology.
The prototype was developed in partnership with consulting firm Accenture, and is being positioned as part of a larger plan to boost the efficiency of everyday operations across a wide range of services.
The announcement further comes amid an uptick in the use of blockchain solutions for proxy voting, with Broadridge revealing this week it has been working to develop its own global platform for the same use case.
Toronto Stock Exchange image via Shutterstock