The European Union has been working with fiat cash since its inception. Encompassing a number of countries the union effectively allows free trade over an area by using the same currency, the Euro. However considering the political fragility of the euro particularly after the Brexit vote, a think tank backed by the parliament released its whitepaper outlining the possibilities Bitcoin and Blockchain technology could have on elections throughout the region.
“Many experts agree that e-voting would require revolutionary developments in security systems. The debate is whether Blockchain will represent a transformative or merely incremental development, and what its implications could be for the future of democracy.”
Paper voting systems have been criticised particularly in countries such as Russia etc and smaller European nations where corruption is rife. Many eagle eye viewers would have seen the vote manipulation during the Russian ballot counting. Blockchain applications for voting solutions were outline and speculated about in the whitepaper and while the privacy that it would afford the voter was hailed, its dangers were also explored and weighed.
“…proposals to use blockchain in national elections would have to comply with several other areas of European law, including privacy and data protection for voters, and accessibility for all citizens.”
To conclude, the European Union may follow up on bold ideas to implement Blockchain systems for voting networks among member countries. While there are countless legal hurdles which parliament must face if a bill is to be formed, the possibility of a digital platform for collecting and analyzing votes may not be far off in the future. The power of the Blockchain can be in your hands too via the NairaEX exchange where you too can buy Bitcoin at market premium rates!