CZ Binance, CEO of Binance, and Vitalik Buterin, co-founder of Ethereum, completely agree on the need for a blockchain-based voting app. According to them, blockchain can play a major role in improving the current voting system. In the wake of the 2020 U.S. presidential election, both claim, it is high-time to develop a blockchain-based mobile voting app.
According to CZ Binance, a voting system based on the blockchain will be taking very little time and can confirm the election results very quickly. Along with this, the kind of voting system they are aiming for will also help to enhance the privacy of the voters. It will completely eliminate the questions related to the validation of the results in most of the elections.
CZ Binance urged the developers to develop this kind of voting system based on blockchain technology. Along with this, Buterin has also given suggestions for developing a blockchain-based voting system. He suggested that a cryptographic approach can play a major role in developing this kind of app. According to him, a cryptographic approach is going to play a major role in determining the validity of votes.
It has been seen that as soon as both CZ Binance and Buterin talked about blockchain-based voting platforms, several industry players have given their reactions for the same. While many have supported this decision, several people did not believe the same way. Taylor Monahan, CEO and Founder of MyCrypto, has said that there are a lot of security issues in the current blockchain network. Hence, she believes that developing a blockchain-based voting system is not a good idea. She targeted all the ICOs, Ponzi schemes, and other scams that are there in this industry: