In an upcoming trend, Brazil will be adopting blockchain technology for a fintech organization elections to be held on October 9, 2018, where a general meeting will be held online and in-person. Brazilian Association of Fintech (ABFintechs), a collection of financial companies looking towards technology to advance the sector, is working with the help of OriginalMy, a Brazilian-based startup focused on digital signatures and certification of documents on a Decentralized Ledger Technology (DLT). The election will be held for its new board of directors committee. The organization looks to deal with the regulators in the country to advance the implementation of financial technology within the borders.
Bernardo Pascowitch, director of the ABFintechs association and CEO of Yubb, a web-based search engine dedicated to investments, spoke on the disruptive and beneficial nature that blockchain will bring to a bureaucratic bogged down process:
“Technology is revolutionizing and modernizing the Brazilian market with codes and algorithms replacing the bureaucratic processes. We, being the Brazilian Association of Fintechs, find nothing more coherent than using disruptive processes like Blockchain to elect the next board, which changes every year. It is with innovations and useful resources that we continue to generate businesses for our associates, representing their interests in front of regulatory bodies and providing positive social impact”
Countries such as Ukraine have already run pilots using a blockchain based election process, however, ABFintechs aims to be the first to fully implement a system. Ingrid Barth, an executive at Foxbit, a Brazilian crypto exchange, as well as a committee member of the ABFintechs organization made the proposal, stating:
“Our companies work with disruptive technologies, so it makes sense for us to a pioneer in implementing the first Brazilian election on the Blockchain which is low cost, transparent and secure and can become a benchmark for other electoral processes too. Who knows in the future we can choose our public representative through Blockchain Technology. I think we are taking the first step towards bringing the future closer”
As with any adoption of blockchain technology, this will provide a cost-saving manner in which to process an election, that for the ABFintech association occurs every year.