Blockchain in elections: The Central Election Commission of Ukraine explores NEM (XEM) blockchain

  • The state register of voters Oleksandr Stelmakh believes NEM blockchain could improve the electoral process in Ukraine.
  • NEM price upside is capped below the multi-month trendline that started in June.

The Central Election Commission of Ukraine currently looking at ways on how to utilize the NEM blockchain in the local elections in the country. The exercise is being carried in order to revamp the election procedure in Ukraine. Coinspeaker, a news website reports:

“The state register of voters Oleksandr Stelmakh informed his followers on Facebook that the experiment had been organized with the usage of NEM blockchain modules. Nevertheless, the trials and testing procedures are still in progress.”

Stelmakh has been championing for the use of blockchain in elections. Similarly, back in July this year, he called out to his followers on Face to participate in what he referred to as “test vote”. The “test vote” was organized by a NEM Foundation group in the country and supposedly employed NEM blockchain protocol.

He went ahead to outline the importance of applying blockchain in elections sighting immutability and retrievable data due to decentralization features. NEM blockchain advanced API makes it easy for information to be distributed to the users. In addition to that, the electoral process will be more transparent upholding honesty during the balloting process. A comment by Stelmakh reads:

“It must be noted that the experiment was held in the test environment of the blockchain NEM and for the transactions used by the test coins that were kindly given the representative of the NEM Foundation in Ukraine, Anton Bosenko. The blockchain test environment has 28 nodes.”

NEM price analysis

NEM price is correcting lower, besides it has dropped from $0.14 to $0.125 in less than two days. The bearish trendline has been preventing gains since the beginning of June 2018 as seen on the chart. At the moment, the price is seeking to find a support above $0.120 to allow the buyers to plan a recovery. The trend is, however, quite bearish as the stochastic is advancing into the oversold levels. Similarly, the moving average gap is widening to show that selling influence present. A recovery will run into stiff resistance at $0.140 while $0.160 will be a key breakout.

XEM/USD 4-hour chart

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