According to reports, Swiss Post Switzerland’s national postal service and Swisscom the state-owned telecoms provider have announced that they are entering a partnership to design a “100% Swiss” blockchain infrastructure. The report was published via a press release on December 6.
The new infrastructure that will result from the partnership is reportedly going to be the first private, permissioned Blockchain that will be operated by two entities. The primary purpose of the initiative is to offer a service that retains data within Switzerland. The goal is to ensure the implementation of a service that can live up to the security requirements of banks in the country.
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Hyperledger Fabric 2.0 Software, Better Security and Easily Verifiable System
The companies including Swiss Post and Swisscom, both of which have already implemented in-house blockchains for multiple purposes, have revealed that their new common infrastructure is going to be based on the Hyperledger Fabric 2.0 software.
According to the companies, the first pilot applications (is positioned towards public authorities and enterprises who are seeking a more secure and verifiable system that can effectively handle sensitive digital enterprise processes. It will be in the market by Q2 of 2019.
The companies also-ran revealed that third-party applications and proprietary applications would be supported on the system. This will ensure that the Swiss economy can quickly gain a leading position in implementing use cases for the technology.
The Initiative is Designed to Establish Trust Between Parties
The press release indicates that the collaboration of the two firms’ to create a private blockchain infrastructure is to enable “instances to check each other, thus helping to establish trust between the parties”:
“As opposed to “public blockchains” [including the likes of Bitcoin (BTC) and Ethereum (ETH)], this private blockchain infrastructure only requires less energy, because it can only be utilized by identified users with a contractual relationship with the official providers of an app. This enables a more efficient foundation for agreement procedures, significantly higher or better security and more efficient performance.” The press release says.
Swiss Post’s prior engagement on the Blockchain case includes the use of the tech to keep records of temperature measurement data when transporting pharmaceutical products. This is also the case for a joint pilot project, “such as Blockchain for Utility,” with Energie Wasser. This initiative allows the owners of solar-powered properties to automatically bill all their tenants for electricity costs via a Blockchain.
Digital Share On Blockchain
Besides engaging in the 100% Swiss Blockchain Infrastructure, for its part, Swisscom has revealed that it is working with daura AG, its subsidiary, on “a digital share that will be based on blockchain tech.”
We can recall from reports earlier this week that the Ueli Maurer, the Swiss Minister of Finance, indicated that in lieu of implementing the decision to establish a Blockchain network or crypto specific legal framework, Switzerland instead plans to tweak its existing laws in a bid to accommodate this new technology as well as its financial applications. Maurer went on to suggest that the government would propose changes to six financial regulatory laws, including bankruptcy law and the civil code next year.