Household names in Switzerland, including Swisscom, the country’s largest telecommunications company, the Swiss stock exchange, Zurich Cantonal Bank, the country’s third largest bank, and others, have formed a consortium to use blockchain technology for the facilitation of selling shares outside of a stock exchange, according to a translated press release. Project coordinator, Dr. Mathias Bucher, states: “After a thorough assessment of the Blockchain platforms available today, we decided to go with Ethereum, and more specifically, with Ethcore’s Parity client.” The project is prototyping blockchain based real life trading of “OTC equity clearing, settlement and reporting,” chosen due to their low volume. If successful, they aim to expand to further assets, including “globally transacted financial products,” according to a Swiss news website. It is not fully clear whether the project will use Ethereum’s public blockchain or a private blockchain forked from Ethereum. We tried to reach out to Gavin Wood, founder of Ethcore, who is to advise the consortium, but have not yet received a response at time of publishing. According to the translated press release , Bucher states: “The functionality of Ethereum, and its developer eco-system creates a very robust base for what we are going to do. Parity’s efficiency and private chain capabilities are ideal for usage in a consortium context.” On the regulatory end, the consortium is supported by Switzerland’s Commission for Technology and Innovation. Moreover, Switzerland is rising as one of the key hubs for blockchain technology, alongside London, California, Shanghai and other centers. Zug, specifically, a small idyllic lake-side town with a population of just under 30,000, has been a preferred choice with many blockchain companies, including Ethereum’s Foundation and Xapo. The town made history recently when the mayor announced municipality services will accept bitcoin payments indicating a highly welcoming and accommodating approach to blockchain […]
