KAS BANK, a European specialist in safekeeping and administration of securities, is going to apply blockchain technology to transform the shareholders voting process, Fintech Finance reported.

The company’s innovation lab has developed a new app with the objective of streamlining the voting process. Called ‘Voteroom,’ the app aims to enhance the efficiency, security, and transparency of the complex voting process.

Based in Netherlands, KAS BANK focuses on securities services for professional investors in the pensions and securities market.

“Policymakers and trustees are increasingly looking to improve governance standards of pension schemes and we want to assist with this challenge across the investment process,” Pat Sharman, UK Managing Director, said.

Built on Ethereum framework, the new app will help expedite the collection of ballots, while considerably enhancing reporting transparency.

The app will be trialed for the first time at KAS BANK’s upcoming General Shareholders Meeting on April 25th, 2018. Following the successful completion of the testing phase, the app will be available to listed companies to purchase and free for shareholders to use.

“Upholding shareholder’s democratic voting rights, we identified the gap for improved efficiency and transparency when communicating shareholders’ decisions on investment policies. This initiative demonstrates our commitment to innovation and improving governance standards via the use of technology,” Sharman added. “It is encouraging to see progression of further positive pioneering data services being developed by our forward-thinking KAS LAB, not only bringing institutional schemes into the technological age but ultimately making the lives of shareholders’ far easier.”