Blockchain is increasing its traction in terms of popularity and relevance both on a global scale as well as within the Swiss economy. Switzerland which is widely known in the financial world for its robust financial services continues its advance in the blockchain sector.
Switzerland’s national postal service Swiss Post and major telecom company Swisscom are working together to develop a full-fledged blockchain infrastructure. The blockchain being used is based on the Hyperledger Fabric software, with the pilot application scheduled for the second quarter of 2019.
As per the statement in a press release:
Swiss Post and Swisscom are building a simple, secure and sustainable infrastructure for blockchain applications in Switzerland. They will use this, on the one hand, to operate their own blockchain services. On the other, they want to enable the Swiss economy to quickly obtain a leading position when it comes to using this promising technology
Referring to the efficiency of private blockchain, the report stated that:
In contrast to “public blockchains” (e.g. bitcoin and ethereum), this private blockchain infrastructure requires much less energy, since it can only be used by identified users who have a contractual relationship with the providers of an application. This enables more efficient agreement procedures as well as significantly higher security and performance.
Both the firms have collaborated to implement a private blockchain to contain the data in Switzerland. This is done so that the infrastructure meets the high-security requirements of banks.
About Swiss Post and Swisscom:
Both companies are known for their reliable handling of sensitive information. They have already implemented the blockchain technology and are using its applications.
Swiss Post stores temperature data on a blockchain when it carries pharmaceutical products. Additionally, PostFinance is involved in a pilot project with Energie Wasser Bern (ewb) that enables solar-powered houses to automatically bill tenants for electricity.
Swisscom is working with its subsidiary, daura AG, on a digital share based on blockchain technology.
Link to the original news article can be found here.
Other popular news from Switzerland in the recent past:
1. Switzerland: First Bitcoin-Cryptocurrency ETF with Ticker $HODL Approved
2. Switzerland: Financial Services Firm Raises more than $100 Million to launch Crypto Bank