Bitcoin use for investing has sparked significant interest among Nigerians. Current investment opportunities were limited to the MMM scheme which has been discussed previously and the risks were explored too. However many seem restricted with the number of traditional investments they can make. Including but not limited to investing in corporations the same way you would buy shares in a company. ICO’s do come close but the NASDAQ exchange has officially announced the success of a blockchain trail which was started early last year.
Working with the Chain project, NASDAQ was able to utilise information from Estonia’s residency platform to allow users to vote. Solidifying the blockchains potential as a voting apparatus, the project was hugely successful with test clients only citing the restriction of the voting service on PC rather than mobile, which may help the platform grow at a much faster rate.
“The system uses the blockchain in the traditional way to record the ownership of securities as reported by the CSD. Based on those holdings, the system also issues voting right assets and voting token assets for each shareholder. A user may spend voting tokens to cast their votes on each meeting agenda item if they also own the voting right asset.”
To conclude, the success of the trail signals further adoption for Bitcoin technology into an investment environment. Moving away from simple transfer of assets, Bitcoin will be able to modify its primary use as a medium for the typical ICO, to allow shareholders to take part in meetings and cast votes on the future direction of a company similar to shareholders rights in traditional fiat companies. While the project’s success will depend on continued development, the core features have been outlined and it is hoped the blockchain system will make client side interaction with companies much easier and fluid.