Swisscom is joining a global network of companies supporting a Blockchain program. The development is of great importance for the financial-services projects in the Swisscom pipeline.
The Blockchain software has the potential to revolutionize anything from banking to the music industry. The current trend is toward agreeing upon global standards for the technology.
The Hyperledger project is one to develop such a global standard. It has more than 100 members, from IT giants IBM and Intel to U.S. banks J.P. Morgan or the German stock exchange.
Door Opener
Swisscom, Switzerland's biggest telecom provider, is the first Swiss company to join the network, the company said in a statement today. It aims to open doors for Swiss business to cooperations and prototypes.
This is important for the finance industry. For instance, Swisscom with UBS developed a prototype for a loyalty program based on the Blockchain technology, as reported by finews.ch. The project since has been cancelled, insiders said.
Central to the Digital Economy
Swisscom believes that Blockchain will play a central role in the digital economy. It may enable systems that had been considered utopian not long ago. The use of the technology is thought to range from banking to digital transactions, e-voting and contracts.
