Swiss Post, Swisscom Launch a 100% Swiss infrastructure for Blockchain Applications

1 month ago
(0 votes)
Swiss Post, Swisscom Launch a 100% Swiss infrastructure for Blockchain Applications Image Credit: Swisscom

Swiss Post and Swisscom have partnered to launch the first so-called 'private blockchain' infrastructure in Switzerland.

It offers a solution that differs from other private blockchains in Switzerland in some key areas: The data will remain completely in Switzerland and the infrastructure meets the high security requirements of banks.

This is being made possible thanks to close cooperation: Swiss Post and Swisscom are connecting their existing private infrastructures for blockchain applications.

On the basis of distributed ledger technology, the two instances check each other and thus help to establish 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. This is an important prerequisite for many companies to launch their own applications based on blockchain technology. Swiss Post and Swisscom are thus creating attractive advantages for companies in all sectors and therefore also for Switzerland as a business location.

The two companies will use the common infrastructure, which is based on the "Hyperledger Fabric2 software, for their own applications and will also make it available to other companies for their applications. The market launch for the first pilot applications is planned for the second quarter of 2019. The offer is geared towards companies and public authorities, which want to handle sensitive digital business processes securely and verifiably. In order to support the operation of the infrastructure for blockchain applications even more broadly, Swiss Post and Swisscom are open to accepting other partners who would like to participate in the infrastructure.

The basic technology for all types of blockchain applications is the Distributed-Ledger-Technology (DLT). DLT works like a digital journal: The partners involved in a transaction store the transaction data in a block chain. This means that they can be viewed and checked by all partners in real time while maintaining confidentiality. The data cannot be changed retrospectively. Mutual control and the immutability of the data establish trust and ensure traceability. Because all partners access the same data in real time, blockchains simplify collaboration and enable greater automation of administrative processes.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

PREVIOUS POST

UK's EE Claims to be the First in the World to Launch OnePlus 5G Smartphone

NEXT POST

Vodafone UK Launches New Digital Parenting Initiative

MWC Shanghai 2018

THE EDITOR'S DESK

ON FACEBOOK

ON TWITTER