Canadian financial services firm TMX Group announced a new prototype based on the blockchain technology to increase the efficiencies as well as solve day-to-day client challenges across its business areas.

The Distributed Ledger Technology (DLT) prototype is an electronic shareholder voting system, developed in collaboration with professional services giant Accenture. The prototype is a part of its strategy and is designed as a public company solution for TSX Group trust, the release said.

“TMX is proud of the work we have done with our innovative partners at Accenture to develop this blockchain prototype. We continue to explore ways TMX can leverage these new technologies in pursuit of tangible, transformative business solutions for our clients,” John Lee, Vice-President, Innovation and Enterprise Delivery, TMX Group, stated.

The E-Proxy Voting System prototype aims to enhance significantly, the efficiency and accuracy of the voting process in annual shareholder meetings. It will also improve the security with the help of advancements in cryptography.

The launch of the blockchain-based system will help in the increase of engagement in corporate governance actions by eliminating the necessity for shareholders to be physically present during the voting process. Accenture has provided design and development consulting services to built the blockchain prototype.

“Leading-edge exchanges around the world are embracing the potential for blockchain technology to reinvent client services,” David Treat, managing director of Accenture's financial services industry blockchain practice, said. “TMX's approach aligns with our vision and commitment to making blockchain technology a paradigm-shifting reality within the capital markets sector.”