Financial Giant Fidelity Seeks Patent for Blockchain Voting System

Fidelity Investments, the world’s fourth largest mutual fund and financial services group, is looking to patent a method by which a blockchain could be used for authenticating voters and processing fair elections.

On 16th February, the US Patent and Trademark Office released an application for “Crypto Voting and Social Aggregating, Fractionally Efficient Transfer Guidance, Conditional Triggered Transaction, Datastructures, Apparatuses, Methods and Systems” (SOCOACT), originally submitted by Fidelity on 14th July, 2016.

The filing is attributed to Fidelity employees Timothy Lohe, Hadley Rupert Stern, Raghav Chawla and Christopher Scott Parsons, located in Massachusetts, and Thomas Charles McGuire, based in Ireland.

The application outlines the structure of Fidelity’s ‘crypto-voting apparatus’, the components of which include voter authentication, vote processing, a crypto user interface (UI), a blockchain oracle and a smart contract to direct all computational actions.

The application explains:

“The SOCOACT system could also be used for voting in places where there may not be well developed voting tabulation systems and where voting tallies are suspect. For example, it can be used to build a voting system in a developing country. By using a blockchain technology, an immutable ledger is created that records the votes of each citizen. The

Read more ... source: CoinDesk

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