Nasdaq, U.S. stock exchange, has released a progress update of its new e-voting platform on Tallinn exchange in Estonia using blockchain technology. The exchange announced that it has successfully completed a blockchain proof-of-concept (PoC) with four web-based user interfaces in Estonia.

The findings stated that the PoC can identify users based on their Estonian digital ID, either via Estonian ID card or e-Residency card. With the successful completion of PoC, the investors will have the ability to view information on meetings and vote prior or during the meet, utilize the system to transfer their voting rights to a proxy, monitor the proxy and recall it if needed, among others.

“It is a good initiative and has a lot of potentials. Testing of the prototype was convenient and simple. If the future solution enables mobile ID authentication as well and the security is granted, then we would definitely consider using the product in the future,” Madis Toomsalu, CEO of Estonian financial firm LHV Group that was involved in testing the blockchain PoC, stated.

Nasdaq announced the project in early 2016, stating that it involves various stakeholders, including collaborating with its technology partner Chain. The project records ownership information, vote and voting right token transfers on the blockchain ledger. The Estonia e-voting system also issues voting right assets and voting token assets for each shareholder.

“Chain’s Smart Contract technology was used to implement much of the voting functionality in the e-voting system. These fairly complex scripts were deployed on the blockchain node itself and worked well. Since, at the time of coding, there was no Smart Contract support in the blockchain API, custom script implementations and API modifications were successfully implemented to use them,” the findings stated.

In the coming stages of development, Nasdaq will explore how this successful PoC can potentially be applied to other Nasdaq internal and client-facing solutions. it also plans to continue blockchain frameworks in Annual Meeting and shareholder voting process.