West Virginia's Latest Experiment: Blockchain Elections
The 2016 presidential election brought to light just how archaic and vulnerable America’s voting system is, raising questions of how to protect democracy from foreign influences and digital hacks in the future.
Venture capitalist Bradley Tusk thinks blockchain could be the answer.
“Long term, I believe that every American should be able to vote in any election on their phone,” the founder and CEO of Tusk Montgomery Philanthropies told Cheddar Thursday.
Through his foundation, Tusk currently funds America’s first blockchain-powered voting experiment in West Virginia.
In March, the state launched a secure app to enable deployed military voters from a few counties to vote from wherever they are.
“We already have a handful of votes from various locations,” said Mac Warner, West Virginia’s Secretary of State.
“I was in the military and I’ve had those experiences where it’s difficult to vote. Think of the soldier on the hillside in Afghanistan...When they have those few minutes to think about an election back home, they want to vote the same way they order something from Amazon.”
Following this pilot program, the state wants to expand the program ahead of the midterm elections in November.
Tusk says the technology, which is already upending a range of industries from banking to art, provides a safer alternative to the current system.
“Blockchain...really is a much, much, much safer way to conduct elections not only compared to just regular online mobile voting, if someone were to try that, but even compared to the systems we have right now,” said Tusk.
For a military member to vote, the app not only requires details from their government-issued ID cards, but also uses [facial recognition and fingerprint scans](https://cheddar.com/videos/how-does-blockchain-powered-voting-work) to verify a voter’s identity.
“I’m very secure in the integrity of this election process,” sayd Warner.
Tusk, who managed former New York City Mayor Michael Bloomberg’s campaign, believes that low voter turnout leads to increased polarization among candidates and that this technology, though nascent, could in the long-term drastically change that.
“If, all of a sudden, voting was as easy as pulling out your phone and turnout went from 12 percent to 60 percent, then those same politicians would be forced to represent the views of the mainstream.
“To me, that’s the value in doing this. Right now, we don’t have a true represent of democracy,” said Tusk.
Alternative asset, sports cards-focused platform Alt recently raised $75 million in a Series B round. Alt's platform lets users research, trade, and securely store sports cards and other high-value assets. Right now, the company has more than $70 million worth of cards in its vault. The company is also hoping to get into other assets, including NFTs. Alt CEO Leore Avidar joins Cheddar News' Closing Bell to discuss.
Bitcoin ticked higher Friday but still hit a one-month low amid a broader crypto slump. Investors are eyeing the potential liquidation of payments from collapsed exchange Mt. Gox, alongside the recent debut of three Bitcoin-linked futures ETFs as the SEC continues to avoid approving spot product ETFs. Steve Larsen, Co-Founder of PlannerDAO, joins Cheddar News' Closing Bell to discuss the broader crypto slump, why Mt. Gox is a concern, and more.
Wedbush Securities has raised its price target for Tesla stock to $1,400, among the highest on Wall Street. Analysts are pointing to an incoming green tidal wave as the main reason for their optimism, with President Biden's infrastructure bill expected to kick off a new era for electric vehicles in the U.S. Dan Ives, managing director of equity research at Wedbush Securities, joins Cheddar News' Closing Bell, where he explains why he's so bullish on Tesla even as competition from companies like Rivian heats up.
Streaming platform Roku announced plans to develop more than 50 original shows in a bid to become a destination for free content amid growing competition in the space. Shelly Kramer, co-founder and lead analyst at Futurum Research, spoke to Cheddar about the new offering "The transition here from hardware to adding a software component by way of original content, I think is smart," she said. "And it's all about the Benjamins." Kramer also noted that she doesn't necessarily think Roku is entering the content game too late.
The behind-the-scenes story of HBO's history is chronicled in the new book 'Tinderbox: HBO's Ruthless Pursuit of New Frontiers.' The book tells the true story of how HBO came to dominate the television industry as we know it. The man behind the book has interviewed over 700 key sources to uncover a bottomless trove of secrets, surprises, and never before heard stories. James Andrew Miller joins Cheddar News to share more.
As the world of trading in cryptocurrency gets more popular experts say competition in the space could get bigger within the next year. CEO of Onramp Invest Tyrone Ross, joined Cheddar to discuss more.
Zach Jones, CEO of C-Zero, and Henrietta Moon, Co-Founder and CEO of Carbo Culture, joined Chedder to discuss the innovations their respective companies use in order to fight climate change, and the importance of utilizing private business in this fight.
