Medici Ventures, the blockchain-based subsidiary of Overstock.com successfully lead a $7 million funding round for Voatz, a blockchain-based voting platform, as per a press release published on June 6.
The unique blockchain-based voting platform is designed to enable citizens to vote in official elections and similar events via their mobile devices, such as smartphones or tablet computers. Based on blockchain tech, encryption, and biometrics, Voatz, reportedly aims at improving security, better convenience and auditability for voters and vote collectors.
We are delighted to announce the closing of our Series A funding led by @medici_ventures and @techstars with participation from @UrbanInnoFund, @OakhouseVC and other investors. We are grateful for the continued support of our existing & new investors – https://t.co/Ka87DeXbt5 ?
— Voatz (@Voatz) June 6, 2019
As per Voatz, the $7 million funds collecting from the Series A funding round will be directed at improving accessibility and usability of the platform along with launching additional pilot programs in the United States and abroad. The firm also revealed that they have conducted pilot programs previously with a variety of organizations including state political parties, universities, labor unions, church groups and nonprofits.
The firm has reportedly also completed a pilot program that enabled military personnel and U.S. citizens living abroad to participate in Denver, Colorado’s 2019 municipal elections, through the platform. Voatz also pioneered a similar groundbreaking pilot, wherein out-of-country citizens, and military personnel from West Virginia used the platform submitted absentee votes in the 2018 midterm elections.
Jonathan Johnson, the President of Medici Ventures commented about the importance of the application of blockchain technology saying:
“Voting is a great application of blockchain technology. What Voatz is doing to allow more registered voters to participate remotely in elections in a safe and secure way is important. It bodes well for more widespread adoption of the Voatz application. That’s one reason we’ve increased our investment in the company by leading this Series A round.”
On a similar page, United Russia, Russia’s ruling political party launched a blockchain-based voting platform last month. United Russia’s head of IT projects Vyacheslav Sateyev commented at the time:
“Candidates will be able to fill in their personal pages on this site, including posting news, videos, photos, distributing their pages. The personal account is now integrated with all social networks. We have also made an adaptive version of the site for mobile phones.”
Image Source – Voatz Twitter