Blockchain Favored by Andrew Yang, America’s 2020 Presidential Hopeful

Andrew Yang, who is eyeing America’s presidential election in 2020, has asserted that blockchain should be incorporated as it will modernize the voting structure. Yang believes that blockchain will propel authentic democracy, as well as boost Americans partake in the voting exercise. 

Yang stipulates:

“It’s ridiculous that in 2020 we are still standing in line for hours to vote in antiquated voting booths. It is 100% technically possible to have fraud-proof voting on our mobile phones today using the blockchain. This would revolutionize true democracy and increase participation to include all Americans – those without smartphones could use the legacy system and lines would be very short.”

If elected, Yang has vowed to enhance the voting structure using technological innovations such as blockchain. He also asserts that this approach will make voting easier and more authentic. 

Yang’s interest in the crypto sphere can be attested by accepting bitcoin donations in his campaign platform. His supporters orchestrated this initiative after crafting a powerful PAC (political action committee). At the beginning of the year, Yang asked for a precise direction about cryptocurrencies. 

Among the candidates, Yang has emerged to be a crypto enthusiast, and this can be ascertained by the way he wants blockchain embraced in the election. 

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How Blockchain Can Mitigate Electoral Malpractices

For elections to be credible, they ought to be free and fair. Nevertheless, the voting process may be marred with malpractices, and this hinders transparency. This has been an issue that has affected many electoral processes across the globe because the will of the people is, at times, jeopardized in favor of egocentric motives. For instance, it is allegedthat the 2016 US Presidential Elections between Hillary Clinton and Donald Trump were hacked to favor the latter. 

Realistically, voter fraud has been wreaking havoc across the globe, and this has compromised efficiency. For instance, according to the Pew Center on states, 2.75 million Americans are registeredto vote in more than one state. Blockchain is being touted to avert electoral malpractices and voter fraud based on the distributed ledger technology (DLT) presented.

Blockchain offers anonymous voting

A vote ought to be considered as high-value data. As a result, it should be safeguarded in the best way possible. Moreover, voting should be anonymous, as voters should not show their political preferences or identity to the public. Information stored in a blockchain network is decentralized and encrypted, and this makes it ideal for electoral processes.  

For instance, in October 2019, the Uruguay Digital Party deployedblockchain technology to revamp its internal voting process. It achieved this objective by partnering with Aeternity, a blockchain startup, as it wanted to make voting anonymous, transparent, and accessible. 

The fact that blockchain systems are transparent and immutable or tamper-proof has been one of the stepping stones of making them favorable in voting processes. For example, Horizon State,a tech-firm, launched revolutionary decision-making and voting blockchain structure in the form of an incorruptible, anonymous, and secure digital ballot box.

Expressly, participants are expected to utilize decision tokens (HST) to make their votes from a PC or mobile phone that is logged into an immutable blockchain used in the verification of election outcomes. This approach eliminates any electoral malpractices, such as tampering, recording errors, or manipulations. 

Blockchain eradicates hacked voting

Hackers, at times, take advantage of internet connectivity to launch attacks that comprise votes. This can prove to be detrimental as voter apathy may rise because people may become less concerned about elections. 

In recent times, hackers have become crafty to the extent that they manipulate voter registration databases by removing voters perceived to support a particular candidate. In the process, they swing a closely contested election. For instance, in the 2016 US presidential election, Russian intelligence officers have been accused of breaching voter registration databases. 

Hackers usually exploit vulnerabilities in tabulation systems and voting machinery to launch their attacks. In 2017, one of the biggest hacker conferences in the world dubbed DEF CON availed a voting machine village, and hackers were required to exploit and hunt cyber vulnerabilities in election office networks, voter registration databases, and voting machines. 

The event organizers noted,“By the end of the conference, every piece of equipment in the Voting Village was effectively breached in some manner. Participants with little prior knowledge and only limited tools and resources were quite capable of undermining the confidentiality, integrity, and availability of these systems.”

A blockchain-enabled voting process can be instrumental in averting hackers as they will have to attack all nodes to gain entry, and this is nearly impossible. As a result, voter fraud is prevented based on blockchain’s notable characteristics, such as accountability, immutability, and transparency.

Blockchain-based voting taking shape

In 2018, West Virginia emerged as the first US state to permitblockchain-powered internet voting in primary elections. Blockchain was deployed because it offered a safe interface needed in eliminating voter fraud and boosting turnout. As a result, it enables citizens to cast their votes while abroad. Blockchain-based voting not only eliminates electoral malpractices but also allows people to vote irrespective of time and distance. 

In October 2019, three Indian computer engineering students, from Malla Reddy Engineering College for Women, were involved in the creationof a blockchain-enabled voting platform that permitted votes to be cast online as compared to manual procedures of standing in a poll line. The students acknowledged that this initiative was prompted by their urge to propel democratic processes and eliminate voting challenges and fraud in urban areas. 

The notion of blockchain having the capability of protecting personal data was echoed by Brittany Kaiser, the Cambridge Analytica scandal whistleblower, during an interviewat the World Economic Forum. She noted that personal data was one of the most valuable assets in the world, and blockchain could come in handy in addressing data protection issues. In elections, blockchain-powered systems ensure immutability and transparency in the voting process, and this eliminates challenges, such as electoral malpractices and voter fraud. 

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President Donald Trump Approves Oracle Deal, Ban Averted for TikTok but not WeChat

President Donald Trump approved the TikTok deal that Oracle and Chinese parent company ByteDance have been working on all week, steering the video-sharing platform clear from its scheduled app store ban set for September 20. 

The US Department of Commerce had announced that both WeChat and TikTok would be prohibited from operating in the US through an official country-wide app store ban, starting September 20. Though TikTok US operations appear to be saved for now, WeChat’s ban is still in effect and the messaging app is currently unavailable for download in the US.

Donald Trump approves Oracle-TikTok deal

The approval of TikTok by President Trump came at a campaign rally in Fayetteville, North Carolina. The new company that was birthed from the negotiations will be called TikTok Global and will be owned predominantly by American companies. Oracle is to take a 12.5% stake in TikTok Global, while Walmart will potentially own up to 7.5% of company shares.

On top of the fact that four of the five board chairmen will be American, TikTok Global has also agreed to invest $5 billion into creating a new educational fund, an agreement that Trump had said would satisfy his demands that the US government receive a payment from the Oracle-ByteDance deal. As shared by CNBC and Bloomberg, Trump said:

“We’re going to be setting up a very large fund for the education of American youth and that’ll be great. That’s the contribution I’ve been asking for.”

Oracle and Walmart to have stakes in TikTok

According to a source familiar with the talks, ByteDance is looking for a total of $60 billion for the video content app. For the deal to go through, Oracle and Walmart are to pay a combined $12 billion to acquire their shares in TikTok Global. Discussions for the asking price are still being worked out at the time of writing.

Although TikTok’s parent company ByteDance seemed extremely confident that Chinese regulators would pass the proposal and that it will still have the upper hand, with it retaining the majority of the app’s assets and having control over the algorithms, President Trump appeared to think otherwise. He said:

“It will have nothing to do with China, it’ll be totally secure, that’ll be part of the deal. All of the control is Walmart and Oracle, two great American companies.”

Speaking about the deal for TikTok, US Secretary of State Michael Pompeo said that the app’s China-based parent company ByteDance will have “no decision-making authority, no ability to peer into” the US company’s activities, and will just act as a “passive shareholder,” as shared by Bloomberg.

During his rally, President Trump spoke about the deal for Oracle to acquire US operations of TikTok and said: “I approve the deal in concept. If they get it done, that’s great. If they don’t, that’s OK too.” Adding on to the president’s public announcement, TikTok also released an official statement, stipulating Trump’s wishes:

“We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the US administration and settle questions around TikTok’s future in the US.”

The new company birthed from Oracle and ByteDance’s agreement will host an initial public offering in which future investors would be able to take up as much as a 20% stake in the company. Walmart, Oracle, and TikTok are still currently working on perfecting their partnership agreements.

What is Oracle’s role in TikTok Global?

Oracle’s role in TikTok Global will be to host all US data and to secure the computer systems. The data from TikTok will be run through Oracle’s cloud servers and this will enable security threats to be dealt with systematically, securing American users’ data and preventing foreign governments from spying on TikTok’s US operations. Speaking about the tech giant’s role in the TikTok deal, CEO of Oracle Safra Catz said:

“Oracle will quickly deploy, rapidly scale, and operate TikTok systems in the Oracle Cloud. We are a 100% confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users.”

Trump sees China as a threat to national security

Trump’s seal of approval for the Oracle-TikTok deal comes at a crucial time, with the presidential elections set for November 3 and the current president trailing behind his counter rival Joe Biden in votes. The President of the United States has used his stance regarding China as a winning point for his campaign.

Trump has alleged that China had been illicitly deploying spyware directed at the US, through applications such as Tiktok and WeChat. Over the weekend, the US Commerce of Department had decreed that as of September 20 for WeChat and November 12 for TikTok, the Chinese-based applications will be prohibited on American soil. “Any provision of content delivering network services enabling the functioning of the mobile application in the US is prohibited,” the statement read.

WeChat downloads prohibited starting Sunday

While TikTok’s ban seems to have been temporarily lifted with the Trump administration’s approval, WeChat’s prohibition appears to be ongoing. Accusations directed towards WeChat are similar to that of TikTok. The Chinese-based messaging and multi-purpose platform has been accused of collecting data form users that involve their network activity, location data, browsing history and more.

The US is not the only country that has moved to ban TikTok and WeChat operations. India has already banned both China-based social media applications, referencing that it poses national security concerns.

Standard Chartered Research Head Sees Depreciating US Dollar as Perfect Storm for Emerging Assets

The United States dollar is facing significant depreciation following the US elections according to Standard Chartered Bank’s Head of Research. In theory, as the dollar loses purchasing power the price of Bitcoin and crypto assets should rise comparatively but how fast will depend on the winner of the presidential election.

Speaking on CNBC’s Squawkbox on Oct.21, Standard Chartered’s Head of Research Eric Robertsen said he believed the outcome of the November elections in the United States would determine the speed at which the US dollar will depreciate.

The top research analyst warned that the dollar is very vulnerable to significant depreciation as key fundamentals continue to indicate a downtrend.

Robertsen said:

“You have the twin deficits in the US getting worse, you have the trade balance at the worst in 15 years.”

The major bank research head said that while dollar depreciation is clearly on its way, a win for President Donald Trump would create a messy path to the “end result” while a win for Joe Biden would most likely create a much clearer and pronounced path to loss of purchasing power for the greenback.

At the time of writing the dollar index which track the US dollar against peers sits at 92.71, marking a 3% decrease for the year to date.

Blue Wave Makes Bitcoin Boom Faster

Standard Chartered analyst, outlined how he views the depreciation trend for the dollar over the next few years.

According to Robertsen, an election outcome where Joe Biden defeats Donald Trump in the presidential race and Democrats win a majority in both chambers of Congress would create the perfect storm for global and emerging-market assets.

Robertsen asserted that the main driver of the dollar’s appreciation has been US assets outperforming the MSCI Emerging Markets equity index. Over the last ten years, the S&P 500 has outperformed this index by 100 percentage points.

The Standard Chartered bank researcher said a reversal of that trend is likely, he said:

“Either because of global trade or a change in the United States’ domestic economic agenda—and combined with the fact that the US no longer has an interest rate advantage over its G-10 peers, I think you can make a very compelling case for a multi-year dollar depreciation.”

Bitcoin investors continue to bet that the continued flood of government and central bank spending to fight the pandemic-caused economic slowdown will eventually lead to high inflation, which would also be beneficial for cryptocurrencies as the US dollar would lose purchasing power and send BTC’s price surging.

Robertsen’s prediction of a trend reversal in the next few years bodes well for this theory and should create the perfect storm for global and emerging market assets like cryptocurrencies and Bitcoin.

On Oct 20. Economist Stephen Roach also forecast a huge 35% decline of the US dollar by the end of 2021.

The Bitcoin price is currently on a bull charge and sits at $12,837.34. BTC price recent price action appears to be driven by increased institutional adoption of Bitcoin as a reserve asset, news of PayPal integrating cryptocurrency into its services, and the optimism and uncertainty towards a new round of US coronavirus stimulus.

Indian State Eyes Blockchain Technology to Facilitate Remote Voting

The government of Telangana, a southern Indian state, is moving forward with its objective of making the voting process seamless and trustworthy with the help of blockchain technology.

Boosting remote voting

Telangana has set its eyes on enhancing remote voting amid the coronavirus pandemic. Furthermore, this approach will be helpful to senior citizens who may be unable to go out to vote.

The state’s IT department is hopeful that it will attain all the necessary clearance needed to deploy blockchain technology for an election. A top official noted:

“We are confident of getting the required approvals, permissions, and amendments at some point in time in the future.”

In collaboration with the Information Technology Electronics and Communications (ITEC) department, the Telangana State Election Commission had projected to test the blockchain-powered remote voting platform in the December 2020 GHMC elections but faced some challenges.

The official acknowledged:

“The elections took place in the backdrop of the pandemic. It was precarious for the elderly to go out and vote. Yet we could not use the technology because for this to happen, the Municipal Act needs to be amended.”

Counting on blockchain’s tamper-proof feature

Blockchain’s unique tamper-proof feature can simplify the voting process and remove reliance on trusted third parties through shared consensus, thus reducing costs in voting and disputes between both parties.

A blockchain-based voting system also guarantees transparency and fairness, hence reduces the huge costs involved in the voting process and voting disputes. As a result, it can help enhance democracy and rebuild trust.

In other news, India’s cryptocurrency ban recently resurfaced after a senior official confirmed ongoing talks about a bill criminalizing investments in the booming asset class. The bill will particularly penalize digital currency miners and traders and may look to implement a 2019 recommendation of a 10-year jail term. 

Global Tech Giants Unite to Shield 2024 Elections from AI Misinformation

Twenty leading technology firms, including industry giants such as Adobe, Amazon, Google, IBM, Meta, Microsoft, OpenAI, TikTok, and X, have announced their commitment to combat the deceptive use of AI in influencing the 2024 elections. This announcement was made at the Munich Security Conference (MSC) on February 16, 2024, signaling a collective effort to tackle one of the most pressing issues facing democratic integrity today.

The initiative, named the “Tech Accord to Combat Deceptive Use of AI in 2024 Elections,” aims to address the growing concern over AI-generated content that could mislead voters. This is particularly significant in a year when over four billion people across more than 40 countries are expected to vote, highlighting the global scale of the challenge at hand.

The accord outlines a series of commitments by the signatories to develop and deploy technology designed to identify and mitigate harmful AI-generated content. This includes AI-driven audio, video, and images that could falsely represent political figures or misinform voters about election processes. By leveraging their technological prowess, these companies aim to foster a safer online environment for political discourse.

Key commitments include the creation of open-source tools to combat deceptive AI content, assessing the potential risks of AI models, and enhancing cross-industry resilience against such threats. Additionally, signatories have pledged to engage with global civil society and academia, support public awareness campaigns, and provide transparency about their efforts to counter misinformation.

This collaboration represents a critical step towards safeguarding elections from the adverse effects of AI. Ambassador Dr. Christoph Heusgen, Chairman of the MSC, praised the accord as a vital initiative for advancing election integrity and trust in technology. Representatives from Adobe, Amazon, Google, IBM, Meta, Microsoft, OpenAI, and TikTok echoed this sentiment, underscoring the importance of security, trust, and media literacy in the face of AI’s challenges.

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