Blockchain technology can be implemented in many different areas. Voting systems can be enhanced with distributed ledger technology, and this is what a European bank did at an annual investor meeting. Investors at the Santander Bank, were able to vote using blockchain technology at the annual general meeting back in March.
Santander Bank Implements Blockchain Voting System
Santander Bank has decided to go one step forward and implement a blockchain system for their investors to vote at an important meeting in March. According to a press release uploaded by the bank, the financial institution has completed a first practical use of blockchain for investor voting.
The pilot has been conducted by Santander and Broadridge, in collaboration with J.P Morgan and Northern Trust as custodian banks.
Patricia Rosch, president of Investor Communication Solutions, International at Broadrige, said:
“The successful completion of a second pilot along with the next phase of our blockchain-based proxy voting solution demonstrates Broadridge’s continued commitment to developing innovative technology solutions in the re-imagination and improvement of global proxy to help our clients get ahead of today’s challenges.”
This is not the first time that the company works with blockchain technology. Santander and Broadridge conducted a proof of concept a year ago, in a closed blockchain environment with JP Morgan and Northern Trust. Since then, Broadridge has been working and innovating with a network built on the Quorum blockchain.
Sergio Gámez, global head of Shareholders and Investor Relations at Banco Santander, said:
“The annual general meeting is one of the most important corporate governance events for any listed company. In the case of Santander, having very fragmented capital, it is very important to ensure the participation by investors and shareholders, and this year using blockchain technology for the institutional vote has been a great help in terms of transparency and agility across the vote lifecycle.”
Santander Bank has also been working with Ripple in order to implement different products and services that they are offering for institutional clients. The main intention is to reduce costs, improve efficiency, and offer a better service to its clients.
