How blockchain-based voting can restore trust in the electoral process

Blockchain-based voting systems could foster more transparency and public trust in the election process, according to Brian Rose, an independent mayoral candidate in London and the host of the London Real podcast.

Rose told Cointelegraph in an exclusive interview:

“Wouldn’t we all sleep better at night if the voting system was on the blockchain and you could really prove that identity and you could actually prove that vote and there would be an immutable record? This is the future and I think it takes someone like me who comes from a business background who’s intimately involved in the blockchain.”

Public trust in the election processes and political parties has taken a significant hit in recent years. In 2023, only 12% of the public in the United Kingdom said they trusted political parties, down from 20% in 2022, according to a report by the Office for National Statistics (ONS) published in March 2024.

Rose clarified that he still maintains confidence in the United Kingdom’s election system but sees great public benefits from introducing blockchain-based voting:

“I’m not implying that the U.K. voting system is not true, but the problem is that when humans are involved, sometimes things don’t go as planned. So we want to put voting on the blockchain.”

Beyond introducing an on-chain voting system, Rose also aims to make London more crypto innovation-friendly to restore its status as a leading global financial center. He said:

“[London] is not pro-crypto, whereas it used to be the greatest financial center in the world.”

The former Wall Street banker said that financial education is severely lacking in the country, which is why he aims to create a new London cryptocurrency and a financial education platform to empower citizens.

“Financial education is king. But the only way to do it is to do it now with blockchain […] I also want to create the London coin and get it into the hands of every man, woman and child in this city to finally create a system for financial education.”

While the details of the London token are still being finalized, Rose said that it will function as a regular cryptocurrency with price fluctuations and that it could be launched on the Polygon or Avalanche blockchains.

Rose plans to offer day-to-day utilities for the London crypto, including staking, payment of public transport, taxes and other public services.

Financial institutions would pay a 1% financial education tax for London coin

The independent mayoral candidate is planning to issue the London token to around 10 million people living in the Greater London area to incentivize users to learn about the intricacies of blockchain and crypto.

To subsidize the costs, large financial institutions headquartered in London would be required to pay a 1% tax:

“We’re going to give a 1% one-off financial education tax to any institution that has a global headquarters here behind me in the city of London that will be a liquidity pool that gets injected into The London coin.”

Rose said he invested over $10 million into 40 different Web3 companies, which is part of the reason he is so confident about the potential of blockchain technology.

Source: https://cointelegraph.com/news/blockchain-voting-restore-trust-elections