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Regulatory Implications in Alternative Future of Voting Via Blockchain…
Regulatory Implications in Alternative Future of Voting Via Blockchain
Implication:
Shift in development focus
Moves from trying to revolutionize a system to being just another transaction system
No blockchain voting system implementation
More closed source implementations of the blockchain are implemented
No open and transparent elections
Unverifiable votes
Vulnerable to manipulation
Public not confident in voting system
Less participation in the election process
Less representative government
Additional political division is created
Implication:
Due to regulation in other industries, financial and manpower investment from outside companies dries up.
Less innovation
growth stagnates
Blockchain development slows down
Blockchain development ends
No new features
Implication:
Startups lose interest in voting on blockchain
Only large companies are involved
Less innovation
growth stagnates
development slows down
development ends
Less competition
More Monopolies
More expensive to use blockchain in voting scenarios
Unable to use blockchain in small scale voting scenarios
Benefits of blockchain voting unavailable to smaller counties and rural users
Creates a divide between those that have access to the Blockchain technology and those that do not.