Japan’s Largest Crypto Exchange BitFlyer, Held the First Virtual Shareholders Meeting With Blockchain Voting App
June 27, 2020 3:30 pm
BitFlyer Holdings, which operates one of Japan’s largest cryptocurrency exchanges, held its general shareholder’s meeting on Friday and, for the first time, used a blockchain voting app which went “without any troubles.”
In the “new normal” where social distancing is required, blockchain technology finds another use case. The voting app was developed by BitFlyer’s subsidiary BitFlyer Blockchain, called bVote. It enabled the first virtual shareholders meeting to finish “as scheduled without any troubles.”
The app restricts vote forgery and manipulation and requires users to scan their My Number card (similar to Social Security Number in the United States) for identification.
BitFlyer intends to introduce the app to private companies’ shareholders’ meetings first. They will later target public companies’ shareholders’ meetings and other occasions.
On Thursday, BitFlyers’ rival, Coincheck announced a new service for virtual shareholder meetings, will be introduced to the public in Autumn, which is called Sharely.
Virtual Shareholders Meeting Using bVote
BitFlyer revealed that there were only three people, including the CEO of BitFlyer Blockchain, Yuzo Kano, who physically and eight other shareholders attended the shareholders meeting remotely.
The agenda was about changing the articles of the corporation partially to promote digitization among the corona pandemic. It took only about 20 minutes to end the meeting.
“It was more convenient than the traditional gathering of shareholders meetings since it doesn’t cost much and take time to travel,” said one of the attendees. Another attendee said, “Since I got used to working remotely after COVID-19 state of emergency, I didn’t feel strange about using bVote.”