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The Blockchain (R)evolution
The Swiss Perspective
Blockchain technology is very much a trending topic, and Deloitte Switzerland is pleased to be able to give you an insight into it with this publication. We herein focus on how Blockchain is seen by the Swiss market, which offers the Blockchain community huge potential as a place in which this technology can be developed and used, of which the prominence of Zug’s Crypto Valley provides the most convincing evidence.
Rapid technological development, constantly changing customer behaviour and ongoing regulatory amendments are forcing companies and organisations worldwide to conduct a critical review of their business models and business processes. Blockchain technology presents a great opportunity to all Swiss companies needing to do this, as its distinctive characteristics – such as decentralisation, irreversibility and smart contracts – mean it provides considerable support to this transformation.
We are seeking, by means of this White Paper, to help promote the development of Blockchain in Switzerland and to encourage dialogue between entrepreneurs, service providers and all other parties with an interest in Blockchain.
Switzerland as a leading global Blockchain centre – circles of involved parties
Overview of some of the key findings
- Blockchain is increasing its traction in terms of popularity and relevance both on a global scale as wells as within the Swiss economy
- Our Business Innovation model has shown that Blockchain has just entered the Business prototyping phase and many CH-relevant industries have taken up experimenting with the technology to varying degrees
- The financial services industry is by far the most advanced in experimenting with this new technology, but others like supply chain and pharmaceuticals hold vast potential to identify and investigate promising opportunities in the coming months
- Switzerland can become a world-leading hub for innovations like Blockchain if all relevant stakeholders embrace it as a game-changing factor to lure the brightest minds and foreign direct investment into the Swiss economy to set-up innovative new enterprises
- We believe that the societal as well as the technological challenges around Blockchain can and will be overcome if all actors in the market contribute their fair share
Blockchain will not only be a new disruptive database technology. Over time, blockchain solutions will also be implemented in financial software upgrade cycles. In 'restricted areas' at first, then in more comprehensive applications.
Thomas Ankenbrand, Lucerne University of Applied Sciences and Arts