- All data in the new blockchain will remain within the country’s borders
- The platform will enable diverse industries to plug into the blockchain
- The initiative confirms Switzerland as a trailblazer in matters blockchain and crypto
Swiss Post is teaming up with Swisscom to create a blockchain-based platform that will plug the countries mainstream industries in the Distributed Ledger Technology. The partnership brings a new dynamic home-built blockchain that ensures all the data in the blockchain remains at home.
Platform Expected to Go-live During First Half of 2019
According to an official press release on December 6, 2018, the digital platform that will be operated by both organizations will operate as a software-as-a-service (Saas) platform that will create a blockchain template that different companies can customize for their specific needs and operations.
The two institutions will use the platform that will become operational during the first half of 2019 to operate their own blockchain services and will also try to enable the Swiss economy to plug into the “promising technology” and take a leading position. They will build the platform on the Hyperledger Fabric2 software that is supported by leading companies like Airbus, IBM, Intel, JP Morgan, SAP, and Swisscom.
The platform becomes the first private blockchain in Switzerland that is jointly operated by partners that will offer a totally different kind of blockchain solution. The greatest advantage is that the data will remain within the Swiss boundaries with an infrastructure that meets the highest security standards for banks. The official statement by Armin Schädeli, Deputy Head of Media Relations in Swisscom said:
“This enables more efficient agreement procedures as well as significantly higher security and performance. This is an important prerequisite for many companies to launch their own applications based on blockchain technology […] creating attractive advantages for companies in all sectors and therefore also for Switzerland as a business location.”
Already, Duara, a Swiss Startup that is a partner with Swisscom’s blockchain division has signed up to the new platform. Duara will operate a system that enables small and medium-sized enterprises to develop “crypto shares” which will be issued as encrypted digital tokens that show ownership of a stake in the company, which will be recorded in the blockchain.
Swiss Post and Swisscom have had several other blockchain-based ventures that include the March 2018 partnership to operate a so-called “Low Power Network” to develop a new dynamic to the networking of things that would benefit companies and individual customers all over Switzerland.
Switzerland continues to take a leading role in blockchain and crypto as evidenced by the recent decision by FINMA to allow blockchain and crypto-related firms to accept up to $100 million deposits, a figure that has previously only reserved for banking institutions.