Architecture Firm Boosts Corporate Governance with Blockchain Feature-Rich Digital Platform Paved the Way for Seamless, Secure Shareholder Voting

Client Profile

The client is a leader in architectural planning, urban planning, interior design, landscape design, strategic consulting, and sustainable consulting in the USA. Headquartered in Royal Oak, Michigan, they craft sustainable architectural, planning, and design solutions for customers across multiple verticals including healthcare, corporate, commercial, mixed-use, residential, K-12 schools, higher education, civic, cultural, industrial, and automotive sectors.

The Challenge

Need for a comprehensive solution to improve shareholders’ involvement in matters of corporate governance

The client needed a feature-rich platform for their shareholders to become more involved in the corporate governance process. This could be done through a mobile application where their shareholders could manage all operations on current shares (stock split, conversions, share purchase, share redemption, etc.) and stay updated on the upcoming annual general meetings (AGMs). The application also needed a voting feature to ensure transparent, tamper-proof online voting for the shareholders. Till now, the entire voting process was being handled manually and involved loads of paperwork, making it time-consuming, inefficient, and prone to discrepancies.

Challenges

No application for shareholders to manage their shares, view upcoming AGMs, and vote online on corporate governance matters

Manual handling of shareholder-related processes led to inefficiencies and errors

Pressing requirement for a digital solution to ensure a simplified voting experience for shareholders

The Solution

Blockchain-driven innovative mobile application to empower shareholders

Damco’s technology team worked in close collaboration with the key stakeholders in the company and assisted them in finalizing their requirements, user stories, and a prototype of the application in accordance with their expectations. A Blockchain-based application was developed using Microsoft’s low-code platform-Power Apps. The solution was scalable enough to accommodate the ambitious growth plans of the company.

Mobile Application for Shareholders

The Blockchain-powered mobile app enables the shareholders to manage their shares and related transactions, view upcoming annual general meetings, check in the meetings, vote on key decisions, and assign/withdraw proxies to the meeting.

Secure Voting through a Decentralized Ledger

The application allows the recording of shareholder votes on a decentralized, immutable ledger with the option of changing votes before the expiry of the voting window.

Interface for Company Secretary

A separate login allows the company secretary to handle features like recording votes, managing shareholders, and managing share-related transactions on Blockchain.

Value Delivered

Faster decision-making, enhanced process efficiency, and improved corporate governance

• The Blockchain-based application digitized the voting process; a hassle-free voting experience increased shareholder participation in the voting process
• A secure and transparent voting process minimized the scope for errors and enhanced overall efficiency
• The application enabled the shareholders to make swift decisions on vital matters regardless of their location
• The Blockchain-based application drastically improved adherence to corporate governance best practices
• Employing agile development methodology and a low-code platform helped the company roll out the product much faster than anticipated.

Technologies Used

• Blockchain: Quorum, Solidity
• Mobile application: Power Apps
• Back-end: Node.js

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