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Yes. This really is the way of the future and a practical use for blockchain technology.

The idea seems really good. But my only question is, wouldn't every country/election body want a separate blockchain for their elections? And the reason for the ICO is still not clear to me, I mean why do they want to introduce a new coin?

The size of a public network is what plays a critical part in securing the vote.

The token is used by governments and companies to pay the fees required to commit constituent votes to the blockchain.