Switzerland Takes Aim at Crypto-Arena With New Blockchain Infrastructure
BERN, SWITZERLAND — Swiss Post and Swisscom has joined forces to build a simple, secure and sustainable infrastructure for blockchain-based applications in Switzerland. While the two firms will utilize the platform to operate their own blockchain services, they hope that the venture enables the Swiss economy the proper eco-system to quickly grab a leading position in the international Blockchain and crypto-currency arena.
The so-called “private blockchain” is the first of its kind in Switzerland to be operated jointly by two such partners. According to the official press release, the platform will offer a solution that differs from other private blockchains in Switzerland in two key areas: The data will remain completely in Switzerland and the infrastructure will meets the high-security requirements of banks, so critical to the Swiss and global economy.
In contrast to “public blockchains” (such as Bitcoin and Ethereum), this private blockchain infrastructure will requires much less energy than the typical crypto-operation. Since it can only be used by identified users who have a contractual relationship with the providers of an application, far less compute is necessary. This slim load will enable much more efficient procedures, as well as significantly higher security, better performance, and lower costs. The two parties hope that these draws will be the game-changing factor in their quest to attract more blockchain-based operations to Switzerland.
Swiss Post and Swisscom, both of which are known for their reliable handling of sensitive information, have already implemented blockchain applications in their daily operations. For example. Swiss Post stores its temperature measurement data on a blockchain during the transport of pharmaceuticals. Furthermore, Swisscom is working with daura AG, its subsidiary, on a digital share based on blockchain technology.
The new infrastructure will be built with the “Hyperledger Fabric2” software, and hope for a market launch by the second quarter of 2019. In an attempt to streamline and support the operation of the infrastructure for blockchain applications even more broadly, Swiss Post and Swisscom have announced that they will accept applications from prospective partners who would like to participate in the infrastructure.
About Swisscom: Swisscom AG is the leading telecommunications provider in Switzerland. Its headquarters are located in Worblaufen near Bern. The Swiss Confederation owns 51.0 percent of Swisscom AG. According to its own published data, Swisscom holds a market share of 60% for mobile, 67% for broadband and 33% for TV telecommunication in Switzerland. Its Italian subsidiary Fastweb is attributed 16% of private clients and 29% of corporate clients share of Italian broadband and is also active in the mobile market.
About Swiss Post: Swiss Post is the national postal service of Switzerland. A public company owned by the Swiss Confederation, it is the country’s second largest employer (after the Federation of Migros Cooperatives). Based in Bern, Swiss Post is a diversified Group that operates in four markets. Its three subsidiaries Post CH Ltd, PostFinance Ltd and PostBus Ltd provide high-quality, marketable and innovative services, and make every effort to satisfy the high expectations of their customers.