Spanish Financial institution Makes Historical past And Votes With Blockchain At Annual Assembly

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Spanish Bank Makes History And Votes With Blockchain At Annual Meeting

The safe, decentralized nature of blockchain know-how presents numerous functions outdoors of cryptocurrency, as one European financial institution proved in a historic first at its final annual investor assembly. Traders at future conferences might wait seconds as a substitute of weeks to see their votes counted and confirmed.


‘Sensible’ and ‘On the spot’

Traders on the Madrid-based Santander financial institution forged their votes utilizing blockchain at their annual basic assembly (AGM) late final month, the financial institution introduced at this time. Santander hailed the take a look at because the “first sensible use of blockchain for investor voting.”

Blockchain provides a decentralized, on-line ledger wherein friends on the community confirm transactions independently. Santander mentioned they used the tech to create a “shadow digital register” so buyers might see how their votes could possibly be counted and confirmed sooner.

Traders usually should vote two weeks upfront to go away sufficient time to depend ballots, however the course of might presumably turn out to be on the spot due to the blockchain, the financial institution mentioned.

Luis Antonio Perez, head of company companies at Santander, famous:

The blockchain know-how has enhanced effectivity and transparency upon the reception and vote tabulation course of, which can end in bridging the hole between all within the course of.

Santander is the most important financial institution within the Eurozone by market capitalization, with greater than four million shareholders and 60.7 % of its inventory belonging to institutional buyers. At its final AGM, the financial institution had a document excessive 64.55 % turnout of buyers and 21 % used the brand new blockchain voting system.

The Monetary Instances stories that some buyers have complained votes are incessantly misplaced or that it’s too troublesome to vote outdoors their dwelling market.

Sergio Gámez, international head of shareholders and investor relations at Santander, mentioned the financial institution’s “very fragmented capital” attributable to its worldwide group of buyers advantages from blockchain tech. Gámez then added:

This 12 months utilizing blockchain know-how for the institutional vote has been a fantastic assist when it comes to transparency and agility.