PHI Inc. bags developer grant to make blockchain-based e-voting system

PHI Inc. bags developer grant to make blockchain-based e-voting system

Japanese startup, PHI Inc., has reportedly become the first company in Japan that has received the ‘Free and Open Grant’ from the Concordium Foundation. The supposed grant is for the development of Govote, a modern electric open voting project that will work on Concordium’s blockchain.

The startup has been working on a business model to manage teams and projects via a Decentralized Autonomous Organization (DAO), to prepare for the Web3 era, with Govote being a part of the firm’s vision in digitally governing the DAO society.

Govote can be utilized for holding a general meeting of shareholders, in distributed teams building, and by online communities.

Takashi Oka, co-founder, PHI, expressed the firm’s delight in being the first Japanese team to have received the grant from Concordium, adding that the team at PHI will contribute greatly to blockchain space development by connecting Web2.0 and Web3.0.

While searching for a blockchain platform that met the requirements of its next-gen voting system, the startup found Concordium blockchain, which makes use of identity management.

Oka stated that there is a big hurdle in meeting regulatory requirements like AML/CFT, causing slow progress in the use of public blockchain by businesses.

He added that with Concordium blockchain, it will be possible to develop services and applications that solve this problem by using the ID function for identity privacy and verification.

With privacy and anonymity being fundamental to Govote’s voting mechanisms, it uses blockchain technology and zero-knowledge proofs to provide voting rights, voting anonymity, as well as resistance to tampering of coting results.

CEO of Concordium, Lone Fønss Schrøder, stated that while the technology for online voting has been available for some time, concerns over permeability and vulnerability are still lingering around, with blockchain having the ability to overcome some of those problems.

He added that online voting has been gaining momentum, especially during the post-pandemic era, and that Concordium is honored to make it a reality by working with the PHI team.

Source credit: https://www.prnewswire.co.uk/news-releases/japanese-startup-receives-developer-grant-to-build-a-blockchain-based-electronic-voting-system-with-embedded-user-id-897779533.html