Private Blockchain-based Project
While the Swiss Post is Switzerland’s national postal service, Swisscom is one of the country’s largest state-owned telecom service providers. The two will ally to streamline their service offering and foster the blockchain ecosystem in the country.
The joint venture is the first “private blockchain” platform in the country to be operated by two entities. The platform differs from other private blockchains in that the data will strictly remain within the borders of Switzerland. Further, the press release noted that the security of the platform would be on par with that of banks regarding sophistication.
Notably, the private blockchain infrastructure would consume less energy compared to some of the popular public blockchains (Bitcoin, Ethereum) as a set number of users will operate it with a vested interest in the applications being used.
The use of private blockchain will also bolster the efficiency, security, and scalability of the platform.
The announcement also mentioned that the common infrastructure would be based on the open-source projectHyperledger Fabric, and there are plans to make the platform available to other firms for their applications.
First Pilot Applications to Launch in Q2 2019
The project’s first pilot applications will launch in Q2 2019, focusing on their utility for other companies and governments authorities that are increasingly pushing for digitization of business processes securely and transparently.
The two Swiss bodies behind the joint initiative have already stepped into the world of emerging technology. For example, Swiss Post makes use of DLT to store its temperature measurement data while transporting pharmaceuticals. Similarly, Swisscom is engaged in the development of blockchain technology-powered digital share with its subsidiary concern, Daura AG.
Recent developments in the blockchain sector have put Switzerland among the frontrunners regarding technology adoption.
On December 3, 2018, Switzerland’s FINMA introduced a new set of guidelines to propel the development of the local blockchain industry. The guidelines have vastly simplified the process of registering a crypto-based business in the country.
BTCManager reported on November 15, 2018, that SIX Swiss Exchange is contemplating replacing its existing operating structure with a blockchain-based platform to bring more transparency and efficiency to the world of stock trading.