BitFlyer Holdings, a company that operates one of the largest Japanese cryptocurrency exchanges, conducted a general shareholders’ meeting on Friday, using the voting application based on blockchain technology for the first time.
bVote – blockchain voting
In “new normality”, while social distance is required, blockchain technology finds new applications. The voting application, called bVote, was developed by a BitFlyer subsidiary – BitFlyer Blockchain. She allowed for end the first virtual shareholders’ meeting “as planned and without any problems”.
The application prevents counterfeiting and manipulation during voting, and also requires users to scan their “My Number” card for identification (similar to a Social Security Number in the United States).
“It is not possible to change the records on the blockchain and anyone interested can check them at any time. Thanks to the blockchain network, you can also see how power of attorney forms were performed in the past. Because the same electronic signatures are used every time, if someone uses a new one, it will become obvious. “
– said CEO of BitFlyer.
BitFlyer wants to first introduce the application for use by private companies. Then he plans to use it during public company meetings and various other occasions.
Some time ago Coincheck, Japanese rival BitFlyer announced that it is also considering providing similar services to corporations. On Thursday, we learned that the application was called Sharely and will be available to the public in the fall.
According to the company, only three people physically participated in the shareholders meeting, including Yuzo Kano, CEO of BitFlyer Blockchain. Eight other shareholders participated remotely.
During the meeting, changes to corporate articles were discussed, partly to promote digitization in the COVID-19 pandemic. It took only about 20 minutes to complete the assembly.
“It was more convenient than a traditional shareholders’ meeting because it doesn’t cost much and doesn’t require time to travel.”
– said one of the participants.
“Because I got used to working remotely after the emergency state of COVID-19 was introduced, I didn’t feel weird using the bVote app.”
– Another participant said.