There are a few countries around the globe that are embracing the blockchain tech with arms wide open. One of those countries has been Switzerland, with its little town of Zug that is emerging as the “crypto valley”. Now the country’s national postal service, Swiss Post, has joined hands with Swisscom, which is the state-owned telecoms provider go develop a unique blockchain infrastructure that is a “100 per cent Swiss”.
As per the press release, this new infrastructure will apparently be the first of its kind, private, or permissioned blockchain to be operated in alliance by two entities. The main aim of this entire step is to provide the people of Switzerland with a service that retains all data within the country, all the while being compliant with the security requirements of the banks.
Both the companies involved in this endeavor, already have hands on experience with the blockchain technology as they both already implement in-house blockchains for various purposes. This new, common infrastructure will be based Hyperledger Fabric 2.0 software.
The first pilot applications are looking to cater the enterprises and public authorities that are in the pursuit of a secure and verifiable system, which has the ability to handle sensitive digital business processes. This will reportedly hit the market in the second quarter of 2019.
Furthermore, third party, as well as propriety applications will also be supported, all in the hopes that this will give the Swiss economy the boost that it needs, in order to quickly gain a leading position in developing use cases for the promising blockchain tech.
The press release further outlines that this connection between the two firms that has been formed with the development of the private blockchain, will enable the two instances to check up on one another and thus establish the foundation of trust.
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.
Swiss Post’s former involvement with the blockchain technology includes, the recording of temperature measurement data, during the transportation of pharmaceutical products. Other than that, the first was also involved in a joint pilot project with Energie Wasser, called “Blockchain for Utility”. This project allowed the owners of solar powered-houses to bill their tenants automatically, for electricity costs via blockchain.
On the other side, Swisscom, according to reports is working on a digital share based on blockchain technology with its subsidiary, daura AG.
This joint venture comes after the announcement of the Swiss Minister of Finance, Ueli Maurer, earlier this week. Where it was implied that the country would be tweaking certain existing laws so as to entertain the establishment of a blockchain or crypto- specific legal framework. This demonstrates the willingness of the country to accommodate the new technology and its financial applications.
Among the six laws that are to be changed for the blockchain technology’s development include, the civil code and bankruptcy law, next year.