What is an NFT?
The abbreviation NFT stands for Non-Fungible Token, which is a digital asset associated with easily reproducible items such as music, art, video, in-game items, even concert tickets and other types of digital files. They are stored on the blockchain – Ethereum is one is the most well-known and utilized. Each individual NFT functions as verifiable proof of authenticity and ownership within a blockchain network, which confirms its uniqueness and the fact that there can never be two of the same NFTs.
What could NFTs do for elections?
We know anything to do with the blockchain, and NFTs in particular, are far from being used for government elections. But we are confident that this will change in the near future - with each passing day we understand what power the blockchain possesses and what remarkable things can be created. A simple example: we all know that voting systems require a lot of trust. As mentioned previously, NFTs are a decentralized, digital asset stored on the blockchain, functioning as verifiable proof of authenticity and ownership, confirming the uniqueness of it. Therefore, if rolled out correctly, NFTs could be the missing key for Pandora's box – delivering a fair, secured, verified and of course anonymous election.
There are several companies working towards this, but they are still at a very early stage of development. That is why we won’t mention them, at least not yet anyway. Don’t worry, we will keep you in the loop if something changes.
How will this change affect you?
NFT voting will change the world and take democracy to the next level. It will also ease strain on the system for elections, making them more secure, more transparent and easier to count and process. Electronic voting is a fast and reliable method without involving consumables, cutting transport and logistics costs as well as human power and money for counting the ballots.
What is the future of digitalized elections?
We are living in a fast-developing world where innovations are appearing every day. Many countries have already implemented electronic voting systems and the NFT vote is just the next step. Every one of us wants to have the option to vote electronically without being afraid of data breaches, counterfeit votes, or other abuses of personal information. The road to go there is to use NFTs in the voting system.