The status quo no longer works, and blockchain technology can help. Voting is a cornerstone of democracy, but today's voting infrastructures are extremely vulnerable to fraud and there is room for improvement. Blockchain has the potential to usher in a new era of secure, convenient, and auditable democratic processes. Governments (local, state and national), enterprises, NGOs, unions and clubs all have voting needs on a periodic basis. The global public opinion and election polling market is worth US $7 billion and is expected to grow to US $7.2 billion by 2023 (CAGR of 0.9%).
Voting is a core aspect of our political system, but in the current setup, there are major security and accuracy concerns with the way in which voting occurs. Accenture has quantified the cost of what material losses in trust look like to businesses. From the 7,000 companies included in its 2018 competitive agility index, 54% experienced a material drop in trust. From just 900 entities where year-over-year financial data was available in this subset, they conservatively estimate at least US $180 billion was foregone in future revenues due to lost trust.
With blockchain data also growing rapidly, expecting to reach US $39.7 billion by 2025 (CAGR of 67.3%), this has provided a significant opportunity for Horizon State’s core business as a revolutionary digital platform that facilitates secure and remote public voting and engagement.
Why Democractic Processes Need Change
2020 US Elections
US elections are some of the most expensive in the world. US state election spending on election administration alone is US $2 billion per year.
During the 2016 and 2020 US elections, it became apparent that Americans had lost trust in the fairness of their democratic processes. Both elections were widely criticised for risks of foreign interference and inadequate voting systems that were prone to error and attack. The 2020 election utilised mail-in voting and anomalies in the process resulted in conspiracy theories, civil unrest and a month-long delay in declaring a winner. These concerns and anomalies included which postal votes should be considered valid and numerous tabulation and administration errors. Some of these errors flipped entire counties once discovered. These issues were a significant contributing factor to the unprecedented 2021 storming of the US Capitol building in Washington D.C.
Rioters coming from a pro-Trump rally to break into the U.S. Capitol
A nationwide survey of 24,000 voters, led by Northwestern University, showed that:
- 38% of Americans lack confidence in election fairness
- 40% of those include voters with particular concern regarding mail-in voting, a remote system introduced as a result of the pandemic.
Horizon State’s digital voting platform utilises blockchain technology to address these concerns, ensuring complete integrity of votes and the guarantee that no intermediary or government agency can alter these votes.
2013 Australian Federal Election
- 1,370 missing ballots voided an election in Western Australia after the 2013 federal election
- Second election was held at a cost of more than AU $20 million
- Official inquiry never discovered what happened to the missing votes, though it did reveal multiple failures by the Australian Electoral Commission, including basic security vulnerabilities like leaving open the entrance to the counting center.
Horizon State’s Solution
Voting technology is set to revolutionise the way we cast and count our votes. In the last few years, blockchain technology has demonstrated its ability to securely record and secure digital assets, making it possible to verify votes and other transactions without the need for a trusted third party. Horizon State is paving the way for innovative applications in this area, including improving how stakeholder data is secured, tracked and shared - ultimately improving the way we vote and interact with institutions.
By using the latest in microsystems architectures, cryptographic hashing, cloud systems and blockchain technology, Horizon State has built a platform that allows remote voting, surveying and engagement at the highest levels of security. Large-scale collaboration and organisational decision making can be done from anywhere with the confidence that information is authentic and the process secure, transparent and trusted. All while protecting user privacy.
Horizon State is launching an equity crowdfunding campaign soon on Equitise. The company intends to use the funds of its campaign to control the narrative and market for fair, secure and transparent decision making and data gathering in Asia-Pacific and expanding beyond. The Company’s growth strategy is centered around the following five pillars:
- Market penetration - cross-selling, educating and introducing new customers to the market and winning customers from competitors that are currently being underserved.
- Product and technology development - adding new features that create efficiencies and more value for customers.
- Market expansion - offering secure data storage (voting, survey, app data, private data) to a world-wide audience.
- Diversification - new products and services that strengthen the core ethos of security, privacy, transparency, efficiency and simplicity.
- Partnerships - International reseller network through licensing agreements
You can register interest in this startup here and get exclusive access to invest in its Australian equity crowdfunding campaign when it goes live.