Switzerland postal service, SwissPost, in collaboration with state-owned telecom provider Swisscom, will develop a simple, secure, and sustainable infrastructure for blockchain applications in the country.
According to an official Press Release on Dec 6, both companies plan to connect their existing private infrastructures for blockchain applications.
The move would see them utilize a Blockchain framework implementation, Hyperledger fabric 2, to build a 100% private blockchain infrastructure.
The idea behind this development as stated in the announcement is to boost the Swiss economy by effectively exploring some of the potentials the blockchain technology, as well as running their blockchain services.
First of its kind in Swiss
This project would be the first ever joint private blockchain in Switzerland, according to reports. It is expected to have some distinctive features from other so-called private blockchain projects within the country.
On completion of the infrastructure, the tech would possess high-security levels that could be adopted by various organizations including the partners and banks, while data on the server would remain hosted in the country.
The firms went a step further to explain why the infrastructure would stay true to being very secured in the long run stating,
“…Since it can only be used by identified users, who have a contractual relationship with the providers of an application. This would enable more efficient agreement procedures as well as significantly higher security and performance.”
The first pilot applications will be launched in the second quarter of 2019. It will be used by the partners and also to public and private enterprises who also intend to adopt the enormous benefits of the infrastructure.
At the moment applications are welcome from prospective partners who would like to contribute to the growth and development of the project.
Both companies not new to blockchain
This is not the first time the partners would be utilizing the blockchain tech. In April, Swisscom simplified the issuance of shares for small and medium exchange that are not listed on the stock exchange, by developing an electronic share on a blockchain network.
In a similar development, in May, SwissPost launched a blockchain-based billing energy service for homeowners.Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.