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…