Patrick Bet-David, Valuetainment’s founder and CEO, believes that blockchain technology has the potential to revolutionize voting systems globally.
In a world where artificial intelligence (AI), blockchain, and Bitcoin are rapidly changing the landscape, Bet-David questions whether new technology is the solution to modernize the outdated voting process. The goal is not only to enhance transparency and accessibility in voting systems, but also to instill confidence in elections and their outcomes among a larger population.
Sharing his insights in a YouTube video, the entrepreneur describes blockchain as “a shared immutable ledger that streamlines transaction recording and asset tracking within a business network.” These characteristics make blockchain technology ideal for implementation in voting systems.
While the concept of blockchain technology in voting is not new, researchers and experts have explored its potential integration for greater impact. This exploration aligns with the broader adoption of blockchain technology in various aspects of life, such as education, supply chains, healthcare, and agriculture.
Several U.S. states have already piloted blockchain-based voting systems. West Virginia, for example, made history by becoming the first state to utilize blockchain technology in federal elections. The use of a publicly verifiable ledger that maintains voter anonymity is crucial in advancing blockchain voting.
Bet-David advocates for the adoption of blockchain technology in voting processes. He emphasizes the significance of a decentralized ledger that ensures the security of cryptographically signed votes, making alterations detectable.
Apart from West Virginia, states like Utah, Colorado, and Oregon have also tested blockchain voting systems. In Denver, Colorado, a pilot program enabled overseas voters and military personnel to participate in municipal elections through a blockchain-powered smartphone application. Furthermore, blockchain-based voting apps have proven successful in countries like Switzerland, Japan, Brazil, South Korea, and Russia.
Despite the benefits of blockchain voting in enhancing transparency and accessibility, Bet-David acknowledges the challenges of implementing this technology. Critics have raised concerns regarding technical and security issues, scalability, cyber threats, and legal and regulatory obstacles, particularly concerning voter privacy and anonymity. Some U.S. states, including New York, California, and Texas, have reservations about adopting blockchain voting systems.
However, with trust in the U.S. government declining from 73% in 1958 to approximately 16% today, embracing new technology like blockchain may be the key to engaging the younger generation in the electoral process.