In a new annoucement on Thursday, Switzerland seems to be working on their progression in the blockchain space. The national postal service, Swiss Post, has decided to collaborate with Swisscom, which is the telecoms provider that the state supports. Their work will involve the development of a private blockchain, which will include the use of Hyperledger Fabric.
The decision to use Hyperledger Fabric is based on its ability to create the “simple, secure, and sustainable” platform that the duo is striving for. It will be used by the two entities, along with several other companies, after its completion. With the infrastructure, the blockchain will meet the bank-required security levels, though all of the information stored will stay within the borders of Switzerland.
Based on the annoucement, it appears that this system would work much more efficiently, from an energy perspective, than the public offerings on the blockchain. It states,
“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.”
Swisscom noted, ““In contrast to ‘public blockchains’, 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.”
The first apps on the blockchain should be ready for launch before the middle of 2019, though many of the use cases will center around the corporate and government agencies. These agencies, in particular, will be making their business practices into digital activities, which secures them safely.
Both of the parties expressed their interest in bringing on other investors and partners to complete this project. Their eventual goal is:
“to enable the Swiss economy to quickly obtain a leading position when it comes to using this promising technology.”
Presently, in their own ways, the Swiss Post and Swisscom have both implemented their own blockchain use cases.
At Swiss Post, they launched a project through their financial services unit PostFinance in May, offering smart energy billing. The blockchain also logs temperature data to ensure that medications and other pharmaceutical drugs are properly stored during transit between locations. Swisscom has used Daura AG, their subsidiary, to help with the buying, selling, and issuance of shares. The Block, who reported on this decision, brought up an important point
“Ultimately, Switzerland‘s national blockchain looks geared towards public authorities and companies keen on adopting DLT, but only if it doesn’t get them in trouble with local financial watchdogs. The biggest is FINMA, which recently began licensing Swiss cryptocurrency businesses intent on handling up to $100 million in customer funds.”