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BitFlyer holds its first virtual general meeting with its blockchain-based voting application

June 27, 2020

BitFlyer Holdings, which manages one of the largest cryptocurrency exchanges in Japan, held its general meeting on Friday and used a blockchain voting app for the first time.

In the “new normal” where social distancing is required Blockchain technology finds another use case. The voting application called bVote was developed by the subsidiary BitFlyer Blockchain. This meant that the first virtual shareholders’ meeting ended “on schedule and without problems”.

The app prevents counterfeiting and tampering with voices and requires users to scan their My Number card (similar to the US social security number) to identify them.

BitFlyer holds its first virtual general meeting with its blockchain-based voting applicationBitFlyer holds its first virtual general meeting with its blockchain-based voting application

BitFlyer would like to present the proposal at general meetings of private companies. Then they target the meetings of stock corporation shareholders and other occasions.

On Thursday, BitFlyer’s rival Coincheck announced a new service for virtual general meetings. Called Sharely, it will be presented to the public in autumn.

Virtual meeting of its shareholders

Speaking to Cointelegraph, BitFlyer said that only three people were present. including Yuzo Kano, CEO of BitFlyer Blockchain, who physically attended the AGM. Eight other shareholders attended from afar.

The agenda was to partially change the company’s statutes to drive digitization amid the coronavirus pandemic. It only took about 20 minutes to end the meeting.

“It was more convenient than the traditional general meeting as it doesn’t cost much and takes time to travel.”said one of the participants. “Since I got used to working remotely after the COVID-19 state of emergency, I didn’t feel strange with bVote,” said another participant.