General Meeting Proxy Voting on Distributed Ledger
Disruption of the business process Risk
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- Risk Description Mitigation
Disruption of the business process Risk Description Mitigation Incorrect vote counting or reconciliation Certain processes that happen outside of voting (e.g. securities lending), inherent in the voting process (e.g. pre-voting), or resulting from malicious intent of one of actors may result in incorrect counts of votes and incorrect voting outcomes. Voting rights are represented by special tokens in the blockchain. The tokens are created strictly according to the legislation at the authorized node using relevant position information. Exclusion of participants from voting Cut-off dates are present in many countries. Asset movements around these dates are not always recorded on time or correctly, potentially affecting not just vote counts, but also shareholder eligibility for participation in the meetings. Voting rights tokens are generated at the source which has the most up-to-date information. The blockchain code automatically ensures voter eligibility and forces all other nodes to reconcile with the source if they have conflicting data. Disruption of the process by a malfunctioning, malicious or compromised actor, performing actions within the rights assigned to that actor The business process supported by the system must be thoroughly tested and verified to prevent situations where a node, behaving legally as defined by the system, can cause unwanted consequences resulting in some sort of system disruption. The blockchain code strictly defines the eligible actions at any state of the system. It can be formally verified that any valid action always switches the system to a valid state. Incorrect initial loading of data Regardless of how well- protected the data is on the distributed ledger, it is possible for it to be incorrect before it is entered into the ledger. This can affect anything in the system, from generating minor errors to completely disrupting the process. Most error-prone data items (e.g. positions) are entered via multiple channels and the system has a built-in reconciliation mechanism that will highlight problems.
Risk Description Mitigation Disruption of the process by altering the code that governs restrictions and process The codified business process defines the rules by which all process participants must abide. If this process is changed in a way that some of the participants expect, their actions will have different meaning than they intended and may render the system completely inoperable. Modification of the chain code and/or smart contracts, which govern all processes and restrictions in the blockchain, is only possible by a consensus of a sufficient number of nodes. Depending on the system architecture, it may be possible to not allow any changes for anyone for any reason. In case changes are allowed, they can also be governed by a change process, which would prevent undesirable changes from happening.
Tampering with data Risk Description Mitigation Tampering with any voter data in the distributed ledger: voting rights,
instructions or final vote counts Tampering with data may alter the results of the voting or mislead the stakeholders. All data in blockchain is immutable and can't be modified. Tampering with any data is mathematically impossible. Data destruction Destroying any data or transactions that happened within the voting process may influence voting results and disrupt the audit process, concealing potential malicious actions. All data in blockchain is immutable and can't be destroyed. Tampering with any data is mathematically impossible.
Compromising access to confidential data Risk Description Mitigation Unauthorized access to data independent of voting: positions, user identities Personal data is not intended to be revealed and may be of strategic significance to the shareholders. Revealing this data may allow perpetrators to exert influence in a way that is not intended by the law. All private data is encrypted on the blockchain. Unauthorized access to voting information (instructions, proxies, vote counts) after the process
Certain types of data are not intended to be revealed and may be used to deduce personal information or decisions that were meant to remain hidden, which may allow perpetrators to exert influence in a way that is not intended by the law. All private data is encrypted on the blockchain. Behavioral patterns (e.g. votes from particular wallets towards particular outcomes) are protected further using zero knowledge algorithms, which prevent unauthorized actors from deducing anything about them. Unauthorized access to voting information (instructions, proxies, preliminary vote counts) during the process Gaining access to preliminary voting results will allow the perpetrator to vote tactically according to the situation, giving him an unfair advantage over other voters. All private data is encrypted on the blockchain. Behavioral patterns (e.g. votes from particular wallets towards particular outcomes) are protected further using zero knowledge algorithms, which prevent unauthorized actors from deducing anything about them. Unauthorized actions on behalf of an actor managed by an intermediary Many voting parties execute their voting rights via specialized intermediaries, who end up casting votes on their behalf. If the intermediary is compromised or its systems are malfunctioning, it is possible to execute unauthorized actions on behalf of the voting party. DLT supports confidentiality on the level of the ledger, so unless the private key of the actor is compromised, no actions can be taken on behalf of that actor. Protecting the keys is much easier than protecting the whole system, and malfunctioning system can only cause damage within the access rights of its current actor.
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