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Switzerland's postal and telecommunications services are eager to build a national blockchain in an attempt to recruit local companies for conversion to general ledger technology (DLT).
Swiss Post and Swisscom they shared the details of the joint venture to build a completely private Swiss blockchain for the launch of locally managed "decentralized" applications.
The proposed blockchain must be a more centralized touch than usual. It is said that all the data that it manages are stored within the digital borders of Switzerland.
The most curious thing is that the press release includes a rather alarmist sales tone. Apparently, the fact that Swiss utilities act as blockchain guardians means that the infrastructure uses less electricity, making it more "green".
Even stranger, apparently with a national blockchain hosted by a handful of approved servers, it magically means that it is safer than Bitcoin.
"In contrast to" public blockchains "(for example Bitcoin BTC 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 suppliers of an application", says Swisscom. "This enables more efficient agreement procedures and significantly higher security and performance."
It should be noted that the security of authorized blockchain systems such as these depends heavily on the trust of the parties maintaining the network and underlying software. In this case, the burden weighs on two state utilities in Switzerland.
So, to say that his blockchain is safer than the Bitcoin network is a stretch, to say the least.
Hyperledger Fabric is fueling the new infrastructure: the open source and "coin free" blockchain project curated by Linux Foundation.
Swisscom plans to launch the market for the first pilot applications implemented on its new blockchain by mid-2019.
Almost threateningly, local media emphasize that the first registration is a platform for the creation of "cryptographic shares" – special encrypted digital tokens that represent the ownership of a stake in the issuing company.
This sounds terribly like a platform for executing initial coin offerings with security symbols, but the idea is that these tokens could allow smaller companies to list their shares on traditional exchanges.
Ultimately, Switzerland's national blockchain seems geared towards public authorities and companies interested in adopting the DLT, but only if it can not get them into trouble with local financial watchdogs.
The largest is FINMA, which recently started licensing cryptocurrency activities in Switzerland to manage up to $ 100 million in customer funds.
Published 6 December 2018 at 11:11 UTC
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