Medici Ventures, the blockchain-based subsidiary of Overstock.com, has led a $7 million funding round for a blockchain-based voting platform, according to a press release on June 6.
The blockchain-based voting platform, Voatz, is reportedly designed to allow citizens to participate in official elections and similar events via mobile devices, such as smartphones or tablet computers. The platform is reportedly based on blockchain tech, encryption, and biometrics, and purports to provide better convenience, security, and auditability for voters and vote collectors.
Voatz says that the proceeds of their $7 million Series A funding round will go toward improving accessibility and usability of the platform, as well as launching additional pilot programs in the United States and abroad. Voatz also commented that they have previously conducted pilot programs with a variety of organizations, such as state political parties, universities, labor unions, church groups and nonprofits.
Voatz has reportedly completed a pilot program in which military personnel and U.S. citizens living abroad voted on the platform in Denver, Colorado’s 2019 municipal elections. Voatz also broke ground with a pilot in which similarly out-of-country citizens and military personnel from West Virginia used the platform to submit absentee votes in the 2018 midterm elections.
Medici Ventures President Jonathan Johnson commented on how this application of blockchain technology is important, saying:
"Voting is a great application of blockchain technology. What Voatz is doing to allow more registered voters to participate remotely in elections in a safe and secure way is important. It bodes well for more widespread adoption of the Voatz application. That's one reason we've increased our investment in the company by leading this Series A round."
As previously reported by Cointelegraph, Russia’s ruling political party United Russia launched a blockchain-based voting platform last month. United Russia’s head of IT projects Vyacheslav Sateyev commented on the details of the platform, saying:
"Candidates will be able to fill in their personal pages on this site, including posting news, videos, photos, distributing their pages. The personal account is now integrated with all social networks. We have also made an adaptive version of the site for mobile phones."