Japan: Life Insurance Giant Uses Blockchain Technology for Stockholder Voting
Blockchain technology is now being used for stockholder voting.
Japanese Firms Tap Blockchain for Stockholder Voting
According to a report by Ledger Insights, one of the top three Japanese life insurers, Meiji Yasuda Life, is mulling using distributed ledger technology (DLT) for shareholder meetings from July 2021.
As a result of the rampant COVID-19 pandemic, both the Japanese government and the Japanese Business Federation, Keidanren, have suggested using blockchain technology, among other emerging technologies to enable shareholders to vote at corporate meetings without attending in person.
For the uninitiated, last year, Meiji Yasuda Life conducted a meeting that required members to submit a power of attorney in advance. However, as was later observed, the major downfalls of this approach were that if someone wanted to change their vote after hearing speeches and discussions at the meeting. However, if the vote is already submitted in paper, that would not be a possibility.
The report by Ledger Insights reads in part:
“The life insurance firm has adopted a blockchain solution developed by Japanese IT firm Asteria which uses an enterprise version of the Ethereum blockchain. At a December 2020 meeting, questions will be accepted in real-time. But once legal issues are resolved, the system will be considered for blockchain voting at the general meeting in July 2021.”
Blockchain and Voting
Among its several other uses across numerous industries including finance, banking, supply chain management, real estate, and law, blockchain technology has continually been touted as a strong force to strengthen the current vulnerable voting processes across the globe.
Earlier this year, BTCManager reported that the U.S. Senate had hinted in a memo that it could use DLT for remote voting by its members. This way, Congress would be able to continue conducting its business without being impacted by the pandemic.
Similarly, in September, reports emerged stating that Russia was contemplating using an e-voting system built on Waves Enterprise Chain ahead of the State Duma elections.
On a recent note, BTCManager reported that Tokyo-based Layer X Labs stated it was developing a blockchain-based electronic voting system, a crucial cog of Tsukuba City’s “smart city” initiative.