On May 28, it has been reported in an announcement that the new service aims to “leverage all the advantages of blockchain technology while retaining traditional voting rules and processes.”
However, Artem Kalikhov, the Chief Product Officer of Waves Enterprise, said that only a decentralized solution can guarantee data protection and transparency in online voting.
“The blockchain provides a trustless environment for data exchange between independent encryption servers that act as participants of voting protocol. Voting results are protected by cryptographic algorithms. Blockchain technology does not allow forging or stealing a vote.”
#WavesEnterprise has launched a #blockchain service that will help make digital voting processes transparent and user-friendly, while also ensuring confidentiality. Learn more about the system and its advantages on our blog👇https://t.co/RaeHgKOyVI — Waves Enterprise (@wvsenterprise) May 28, 2020
It has been analyzed that Voting’s blockchain architecture is reportedly based on the Proof-of-Stake and Proof-of-Authority consensus algorithms, which allegedly allows it to process “up to 1,000 requests per second.”
Kalikhov said that the e-voting platform is relevant for companies that practice shareholder voting, and are interested in confidential internal voting among employees.
The new service is designed to cater to banks, IT-giants and even oil companies https://t.co/eu3oKnKldF — Cointelegraph (@Cointelegraph) June 5, 2020
“I can tell that one Russian oil and gas company is interested in using the electronic voting service for their internal needs.”
The platform will remain free for the duration of public beta testing, which is estimated to last up to two months.
Thus, the cost of the fully-fledged solution will be individual for each customer and will take into account the number of nodes in the blockchain network and the number of encryption servers, among other factors.