THELOGICALINDIAN - The defended decentralized attributes of blockchain technology presents endless applications alfresco of cryptocurrency as one European coffer accepted in a celebrated aboriginal at its aftermost anniversary broker affair Investors at approaching affairs could delay abnormal instead of weeks to see their votes counted and confirmed
Investors at the Madrid-based Santander coffer casting their votes application blockchain at their anniversary accepted affair (AGM) backward aftermost month, the coffer announced today. Santander hailed the analysis as the “first applied use of blockchain for broker voting.”
Blockchain offers a decentralized, online balance in which aeon on the arrangement verify affairs independently. Santander said they acclimated the tech to actualize a “shadow agenda register” so investors could see how their votes could be counted and accepted faster.
Investors commonly accept to vote two weeks in beforehand to leave abundant time to calculation ballots, but the action could possibly become burning acknowledgment to the blockchain, the coffer said.
Luis Antonio Perez, arch of accumulated casework at Santander, noted:
Santander is the better coffer in the Eurozone by bazaar capitalization, with added than 4 actor shareholders and 60.7 percent of its stock acceptance to institutional investors. At its aftermost AGM, the coffer had a almanac aerial 64.55 percent assembly of investors and 21 percent acclimated the new blockchain voting system.
The Financial Times reports that some investors accept complained votes are frequently absent or that it’s too difficult to vote alfresco their home market.
Sergio Gámez, all-around arch of shareholders and broker relations at Santander, said the bank’s “very burst capital” acquired by its all-embracing accumulation of investors allowances from blockchain tech. Gámez again added:
The blockchain-based arrangement will additionally advice Santander accommodated new voting standards in the adapted European Directive on Shareholder Rights, which comes into aftereffect June 2024.
Santander and fintech company Broadridge, in affiliation with JPMorgan and Northern Trust as babysitter banks, conducted a affidavit of abstraction of the blockchain voting arrangement almost one year ago. Broadridge has connected to advance the voting arrangement congenital aloft JPMorgan’s Quorum blockchain platform, which is billed as an “enterprise-focused adaptation of Ethereum.”
Santander has been amid the best articulate banks all-embracing blockchain and cryptocurrency. In 2015, Santander became the aboriginal UK coffer to use blockchain to accomplish all-embracing payments through its app. The coffer is additionally deeply invested in the Ripple cryptocurrency network and is application it to ability these payments.
“Blockchain technology will comedy a transformational role in the way we accomplish our goals and bigger serve our customers, abacus amount by creating added best and convenience,” said Sigga Sigurdardottirt, arch of chump addition at Santander, in a statement.
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Images address of Santander and Shutterstock.
