Hey guys, welcome back to the Crypto Clan, today will be talking about how hederas technology could revolutionize a number of applications such as voting and payment infrastructure. Well also be discussing how companies are looking to hederas hashgraph technology to implement such factors. With the world becoming increasingly more digitised and with the current global pandemic, there is an increasing necessity for countries to move toward a digitised form of voting in elections.
As well as reducing the risk of health complications, digitised voting will ensure voting results are obtained faster and more efficiently. Despite the objective advantages of carrying out digitised voting, there are a number of drawbacks.
Current digitised election voting infrastructure, like the majority of digitised data, is stored in a centralised manner, whereby information or in this case, voting details are found on a central server.
The storage of voting details in a centralised database or server may increase the risk of malicious entities attacking such databases, as an attacker would only need to bypass firewalls and fault tolerance systems to a single server, this factor may increase the risk of data being hacked and voting results may become compromised. The advent of distributed ledger technology or DLT has led to a number of proponents of the technology voicing their beliefs that DLT could be the answer for safe and effective digitised voting in elections.
Such proponents include the CEO of Binance, CZ, who tweeted, If there is a blockchain-based mobile voting App (with proper KYC of course), we won’t have to wait for results or have any questions on its validity. Privacy can be protected using a number of encryption mechanisms. Develop something now, get it approved (obviously hardest step), and get 300 million-plus (fully KYC’ed) users in 4 year’s time. Any capable developer should be willing to do it “for free”.
Distributed ledger technology such as blockchain will ensure voting is secure and immutable. votes may be cast by computer or mobile device instead of having voters show up at a local polling place or cast a mail-in-ballot to be processed manually by election officials.
Votes tracked through a blockchain provide for a quicker, tamper-proof way of counting votes, which could lead to greater voter participation, better ballot security, and lower cost. The potential for blockchain technology in digitising voting applications has led the Korean Ministry of Science and Technology alongside Korea’s Internet and Security Agency to explore blockchain in online voting.
The Korean government has approved a pilot of a blockchain-based voting system through the National Election Commission that can be used by more than 10 million people. This is likely one of the largest-scale blockchain online voting systems. The blockchain voting apparatus will be anonymized, and voters will be identified through decentralized identifier (DiD) technology in order to prevent double voting. DLT’s potential use case in election voting has led to the formation of the secure voting platform Attica.
Attica establishes trust for voters through hederas hashgraph technology, in order to secure voting and promote transparency in the electoral process. Attica uses Hederas consensus service, to enable verifiable timestamps and to provide the potential for Attica to build its own application networks or app net. Atticas application network nature involves sets of computers that enable privacy by utilizing the trust of Hederas public ledger as their consensus engine.
Atticas service will take advantage of Hedera’s high-throughput transaction rate and asynchronous Byzantine fault tolerance for security. Hedera hashgraphs asynchronous Byzantine Fault Tolerance characteristic will provide Attica with the highest degree of security proof of stake consensus algorithm can provide. The asynchronous Byzantine Fault Tolerance system will ensure finality of consensus will be reached with a 100% probability of an attacker controls less than the voting power.
The high degree of voting power an attacker would need will result in a seemingly minute risk of the Attica system becoming corrupted, thus the risk of voting irregularities will be deminitioned. As well as Hedera being involved in improving electoral voting infrastructure. Hedera has partnered with the leading debit card payment provider in Australia, EFTPOS. Eftpos Payments Australia is collaborating with Hedera Hashgraph, on a micropayments proof-of-concept that aims to create a seamless Australian payment experience for web users by providing an alternative to traditional online paywalls and subscriptions.
Eftpos CEO, Stephen Benton, said the integration with Hedera is part of EFTPOS digital payments innovation strategy to better meet Australians payment needs into the future and aims to demonstrate how micropayment transactions could be used for online content such as pay per page content or streaming services on a pay-per-second basis. Benton said that in the proof of concept, EFTPOS will test the capability of a digital Australian dollar stable coin, enabled by the Hedera Consensus Service, allowing consumers to load a wallet with a few dollars and then pay for web-based content seamlessly.
In response to the partnership between EFTPOS and Hedera, The CEO of EFTPOS, Stephen Benton, stated As the leading provider of debit card payments in Australia, eftpos is well-positioned to provide a new way for Australians to interact with the web via dollar-based micropayments.”
“We are excited to pilot Hedera Hashgraph to show what is possible with an innovative, improved online business model.” The CEO of hedera hashgraph, added; We are excited to work with EFTPOS to simplify the micropayments process for merchants and retail audiences. EFTPOS has developed a compelling and impressive proof-of-concept that showcases an alternative to traditional paywall solutions. Working closely with companies and applications like theirs, we are confident we can facilitate the next chapter in the evolution of the payments, delivering a secure, transparent, and level playing field to conduct micropayments.
Hederas partnership with EFTPOS is especially exciting due to EFTPOS characteristic of being the most popular debit card payment provider in Australia, whereby it processes over 2 billion transactions per year and there are in excess of 50 million EFTPOS debit cardholders in Australia.
With the continued growth of the streaming market across the world and network effects provided by EFTPOS, hedera could see significant use cases in enabling micropayments on streaming platforms through EFTPOS. What are your thoughts on hederas partnerships? Which partnership excites you the most? Let us know your views in the comments below.
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