#blockchainkyc

Voting

So how did blockchain voting work in this situation?

People voted via a mobile app which was essentially the equivalent of a ballot paper. The mobile ballots are “tokens” or potential votes which are cryptographically tied to a candidate. The voter makes their decision, it is verified by a number of different servers or computers known as “validating nodes.” Upon verification, the token or ballot paper is debited from the voter’s ledger and put on the candidate’s ledger. This is an automatic process and means that a single person cannot vote twice. And it’s now on a blockchain that cannot be tampered with.

Credit checks

China has been cracking down hard on cryptocurrencies and ICOs, but it has been focusing heavily on DLT. Earlier this year, Chinese President Xi Jinping said that blockchain has “breakthrough” applications.

Parts of the Chinese government have been working with blockchain firms in various areas such as credit scoring. One of those companies is Points which has partnered with a subsidiary of China’s Ministry of Industry and Information Technology and the China Academy of Information and Communications Technology to create blockchain solution for know your customer (KYC) and credit scoring.

The KYC product removes the need for institutions to repetitively conduct the process manually.

“With its partnership with the Chinese government, Points has access to verify ID and criminal records on 1 billion people in China. Thanks to Points’ blockchain protocol, the normally time-consuming KYC process which would normally be done manually, increases the efficiency for institutional partners,” founder Sarah Zhang told CNBC by email.

“It does this by reducing the institution’s need to store data on their own servers as Points because they can simply verify identities or other relevant information through blockchain that has already been verified before.”

This process could be used all around the world but requires data to be opened up to allow verification of a person’s identity and their credit score.