Switzerland, the pioneer in the application of Blockchain technology
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Switzerland has been characterized by having issues such as education and technological innovation at the top of its agenda. Given the undeniable progress and expansion of Blockchain technology and its multiple applications, mainly cryptocurrencies, the Swiss government has chosen to give the green light to its adoption.
Chronology of a fruitful relationship
Unlike other countries, Switzerland has chosen not to resist technological advances with the potential for profound transformation. It is in this framework that the Alpine country has been a pioneer in the adoption and regulation, to provide legal certainty and incentives, to Blockchain technology developers.
Let’s look at some of the development of Blockchain history in Switzerland:
- 2016 – The city of Zug becomes the first in the world to accept Bitcoin as a means of payment.
- 2016 – The blockchain-based computer network DFINITY is founded, today it has research centers in Switzerland and the USA.
- 2016/2017 – Swiss authorities begin to break down barriers to entry for FINTECH companies by incorporating a Sanbox regime.
- 2018 – The Swiss financial authority, FINMA, becomes the first regulator in the world to publish clear rules on ICOs and token classification.
- 2018 – The world’s first Blockchain Chair is established at the University of Basel.
- 2019 – The Swiss financial authority, FINMA, grants banking licenses to two companies, making them the first crypto banks in the orb.
- 2020 – In June of that year, the Swiss Parliament approved a series of laws in favor of the development of Blockchain technology, both in the financial sphere and in all areas where this technology can be applied.
- 2021 – In February of that year, the city of Zug took the next step. In addition to accepting bitcoin and other cryptocurrencies as a means of payment between private individuals, it now also accepts these cryptocurrencies as a form of payment for local taxes.
Why is blockchain technology a revolutionary sector and what investment opportunities does it present? Join us to answer these questions about investing in blockchain technology.
The importance of blockchain in Switzerland
The development of blockchain technology in Switzerland has reached such a level that the most important events are held there and worldwide around this technology, with the purpose of continuing to promote its study, development, and application, for the constant improvement of living conditions.
These are some of the most important events held in Switzerland for the discussion, study, and development of Blockchain technology:
- Blockchain Economic Forum, Davos
- Blockchain Leadership Summit, Basel
- Cryptofinance Conference, St Moritz
- CryptoMountain Rocks, Davos
- VC Summit, Zug
- Annual Blockchain Congress, Geneva
- Intrachain, Bern
- Swiss Blockchain Winter School (jointly organized by EPFL, ETH Zurich and the IACR School of Cryptology).
The future of Switzerland and Blockchain
Switzerland is unquestionably spearheading the study, adoption, and application of Blockchain technologies. This nation is committed to going down the path of innovation, the road to which is still long and promising.
However, at the same time, it has become an example for other nations to follow, regarding how a precise and non-restrictive regulatory framework can foster technological changes, investment, and development for the advancement of society.
The next challenges are the incorporation of Blockchain technology in areas as diverse as medicine and insurance, for which solutions are already being adapted both in this area and in the respective regulatory frameworks. Undoubtedly, with the proven experience that this nation has in the application of this technology, we will soon know about positive results.
Advantages and disadvantages of Blockchain
Blockchain technology has been presented as a disruptive technology that offers, mainly, security levels never seen before, necessary, and desired not only by the IT or finance industry but, in general, for any type of Industry, which makes it an incredibly versatile technology.
Ethereum and smart contracts. What do they bring?
Vitalik Buterin designed the Ethereum platform based on blockchain technology, which means that it is also an open source and decentralized ledger just like Bitcoin, but with the intention of going beyond what the original cryptocurrency has established.