No, the Crypto Valley isn’t an alternative name for the crypto market. It is a city in Switzerland by the name of Zug, which is fashionably called Crypto Valley. The news of the hour is that this city ran its first Blockchain based voting system, and the trial was successful.
An e-voting pilot platform built on Blockchain technology was launched in the city, which reaffirmed the city’s efforts and dedication to the Blockchain technology. The voting process took place between June 25 and July 1 and stored polling information and residents’ IDs on the system.
Dieter Müller, the city’s head of communications claimed that “the premier was a success” according to a news outlet, SWI swissinfo.ch, which is owned by the Swiss Broadcasting Corporation. The technical aspects of the voting process are to be evaluated over the coming months.
The primary aim behind building a blockchain based voting platform was to ensure that the system was “safer and less susceptible to unnoticed manipulation” as opposed to the traditional method of voting.
Luxoft, a local software company based in Zug, is responsible for building this voting system. Luxoft works in partnership with the city and the department of computer science at the Lucerne University of Applied Sciences.
Vasily Suvorov, Luxoft’s chief technology officer, explained how exactly the voting system is intended to work.
“There are concerns about electronic voting because voting is a fundamental mechanism for direct voting… That’s why we believe that this technology should not belong to a single company. We will build the e-voting platform ‘Open Source’ so that people can understand what the technology is and how it works. We want to encourage more people to develop blockchain-based applications for governments worldwide.”