Switzerland turns an avid supporter of blockchain application updates for developing a suitable ecosystem for this emerging industry. Indeed, the country leaders have foreseen the immense benefits of blockchain technology in the long run and hence the country is wholeheartedly welcoming the blockchain venture to the cheese land. The state-owned telecoms provider Swisscom in collaboration with Switzerland’s national postal service Swiss Post have come together to build a secure and amicable infrastructure for blockchain powered apps.
Both Swisscom and Swiss Post will work together on this esteemed project which will also be used in for operating blockchain enabled services in Switzerland. This, in turn, is going to escalate the Swizz economy in the blockchain domain and it is likely to reach the pinnacle within the next few years. This blockchain network is said to be the first such privately operated platform, there is a significant difference in the solution offered by this service as compared to other blockchain services that are already operating in the country. The data collected by Swisscom and Swiss Post will exclusively be retained within the country for the development of the bank securities.
According to Swisscom, both the reputed agencies are sharing their existing private infrastructures for the development of blockchain application updates. There is a mutual trust established in between them via distributed ledger networking. This platform requires much lesser energy as compared to other public blockchains such as Bitcoin and Ethereum. The reason behind is that it is only accessible to the identified users that have a contractual relationship with the agencies. Evidently, this makes it highly efficient and secure which is being looked upon as an important prerequisite.
Switzerland: The New Blockchain Hub
Undoubtedly, Switzerland is slowly turning into the new bud of blockchain with its large-scale acceptance in mainstream commerce. Switzerland’s finance minister has already made a prediction that there will be a big boom coming up in the field of blockchain application updates as mentioned by ThirtyK. Perhaps, this is why the government has been actively promoting blockchain at such a mass scale.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]