What is Blockchain Voting and How it Works
Blockchain voting is the latest emerging trend gaining momentum. It has a significant and remarkable potential to reduce organizational expenses and simultaneously improve voter turnout. Also, it abolishes the demand for printing ballot papers and open polling stations, wherein it’s possible for voters to cast their votes anywhere with internet connection.
Despite the many perks, online voting solutions are seen with a good deal of concern and care as they present new threats and issues. A single weakness and openness can result in massive-scale vote manipulation. Online or e-voting systems should be precise, safe, legitimate, and convenient when used in elections. Nonetheless, adoption might be restricted by possible issues related to e-voting systems.
Why Is a Blockchain System for Voting Needed?
Existing voting systems like e-voting and ballot box voting experience different security threats like polling booth capturing, DDoS attacks, votes manipulation and alteration, malware attacks, and more, and also need a remarkable amount of human resources, paperwork, and time. This creates a sense of doubt in the current system.
Some of the drawbacks are:
- Long queues at the time of elections
- Much paperwork is involved, hence time-consuming and less eco-friendly
- Security breaches such as vote tampering and data leaks
- Hard for differently-abled voters to go to the polling booth
- Cost of expenses on elections is high
Is Blockchain Voting the Best Solution?
Blockchain technology is here to overcome these problems and provide decentralized nodes designed for e-voting as well as utilized to make e-voting systems mainly because of the perks of end-to-end verification. It’s also a good replacement for conventional e-voting solutions with non-repudiation, distributed, and security protection characteristics.
Blockchain is a state-of-the-art technology quickly gaining force in the era of industry 4.0. Transparency provisions and high security are widely utilized in healthcare, payments, IoT, supply chain management systems, business, voting systems, and more.
Using this system, the voting process can be more transparent, secure, reliable as well as immutable. How? Let’s take a blockchain voting example:
Example of blockchain voting
Suppose you are a qualified voter who went to a polling center and cast a vote utilizing an electronic voting machine or EVM. However, since it’s circuitry in spite of everything and if somebody tampers with the microchip, you might never know that your vote reached the one for whom you voted or was redirected or switched into the account of another candidate?
There is no tracking back of the vote cast. However, if you utilize blockchain, it stores the whole thing as a transaction which will be explained below. It provides you a vote receipt in a type of transaction identification, and you are able to utilize it to make sure that the votes cast have been securely counted.
Now assume a digital voting system like an app or website has been presented to make the process digital. All confidential information is stored on one admin server or machine; if somebody attempts to hack or snoop over it, the person can alter the vote count from 3 to 33. You might never know that hackers install malware or make clickjacking attacks to negate, steal the vote, or attack the central server.
To avoid this, if the system is included with blockchain, an exceptional property named immutability protects the system. Think of PHP, SQL, or any other conventional database technologies. You are able to update, inset, or erase votes. However, in the blockchain voting system, you are able to insert data but not able to delete or update data. Hence, if you insert data, it will stay there forever, and nobody can control it.
On the other hand, building a blockchain system isn’t enough. Decentralization is essential; in blockchain voting, for example, if a single server malfunctions or something happens on a specific node, other nodes can work normally and don’t need a way to recover the victim node.
Some of the perks include:
- Safe and secure
- Vote anywhere and anytime (most especially in times of pandemic where it is impossible to hold physical elections.
- You can vote from any place or any time (particularly when it’s not probable to hold a physical election during Pandemics, such as COVID-19)
Visualizing the Process
It is always fascinating to learn new things when it is visually explained. Keep on reading to understand how the blockchain voting system works:
Voters need to enter their credentials or personal information in order to cast a vote. All data given is encrypted and stored as a transaction. Then this transaction is broadcasted to each node in series, which in turn is then checked and verified. If the network grants a transaction, it’s saved in a block as well as included in the chain. Remember that if a block is included in the chain, it stays there perpetually and cannot be updated. Now, users can see results as well as trace back transactions when needed.
Since existing electronic voting systems do not meet the safety requirements of the modern generation, there’s a requirement to develop a technology that leverages security, trust, and convenience in the voting process. For this reason, the voting system utilizes the blockchain system to include an additional layer of protection and motivate people to cast their vote from anywhere, anytime, without any pressure. It makes the process of voting time-saving and cost-efficient.
To Sum Up
In general, a blockchain voting system might assist in addressing some of the problems that plague traditional systems like DDoS attacks, vote manipulation and alteration, malware attacks, and so many others. On the other hand, the most frequently mentioned problem in blockchain applications is the significant need for privacy protection. On top of that, there are also concerns regarding the speed of the transaction. For a sustainable blockchain electronic voting system, the safety of distant participation should be feasible, and for scalability, the speed of transaction speed should be addressed. Because of these issues, it was dogged that the current frameworks have to be developed to be used in voting systems.
Start investing with Myconstant
My Constant’s P2P lending could be a great platform for you to monetize.
This platform offers you 3 powerful tools that you can consider to earn:
- Crypto loan. This option allows you to earn you up to 7% APR by lending to cryptocurrency holders around the world. The term (1,3, or 6 months) is at your disposal.
- Besides, you can invest your idle coins and earn interest on crypto up to 15% APY compounded and paid out every second through our Crypto-Lend feature. This can apply when you own some cryptos and haven’t planned to buy more yet.
- Instant access investment. When you deposit money online into a MyConstant account online, an investment pool will be lent to you. You can earn 4% APY and make free withdrawals at any time without minimum investment
Follow our website and sign up for a free account today and start investing!
Share this article