Madrid, Spain based Banco Santander, one of Europe’s biggest banks, announced that they have become the first company to use blockchain technology for investor voting, in a press release May 17th.
The company partnered with US electronic data services specialist Broadridge Financial Solutions to facilitate an investor ballot at its annual general meeting March 23rd.
JP Morgan and Northern Trust also participated, acting as custodian banks, the press release revealed, along with Santander’s dedicated Blockchain Lab.
Luis Antonio Perez, head of corporate services commented that “The blockchain technology has enhanced efficiency and transparency upon the reception and vote tabulation process, which will result in bridging the gap between all in the process.”
This move is the latest example of blockchain’s slow but steady entry into the voting process, with several governments already examining how the technology could make an improvement over standard procedures.
Russia has announced plans to test blockchain voting at the local level, while conversely, Sierra Leone hit headlines after false rumors hit that it had become the first country in the world to use blockchain voting in its nationwide elections last March. Meanwhile, West Virginia used a blockchain powered system to enable early voting for select voters in ther state primaries.
Santander also launched a pioneering project of its own just last month, teaming up with Ripple to offer a blockchain international payment service for customers in certain markets.