Switzerland actively prepares for its digital future
AI, Big Data, Blockchain and FinTech are all key terms for anyone who wishes to survive in our industry in its current state of turbulence, which has been dubbed “the fourth industrial revolution.”
Switzerland, a small country nestled at the heart of Europe and undisputed champion of innovation, has found success in this digital era and has developed the means to become a major player in this field. A good example is the canton of Zug, which has become the Swiss heartland of blockchain and virtual currency capital in the space of a few years. According to a recent study by CVVC, PwC Strategy and Inacta, titled “The Crypto Valley’s Top 50”, Switzerland and Liechtenstein are already home to 750 blockchain-related companies employing more than 3,300 people. The 50 largest companies have an average valuation of $400 million. More than half of the blockchain companies are in the canton of Zug; however, 42 are based in Geneva and 39 in Tessin.
The creation of digital trust
Bitcoin made its appearance in the midst of a severe financial crisis. In this volatile environment, the public’s faith in financial institutions was eroded and created fertile ground for the emergence of a virtual currency, the well-known Bitcoin. Through its underlying blockchain technology, two parties who do not know each other are able to carry out transactions in a completely decentralised way. Trust, which was weakened during the crisis, has been strengthened again and reinvented itself through this technological alternative: blockchain. As an open system Bitcoin has its advantages, but it also has limitations in terms of scalability, confidentiality, control of the infrastructure and high energy consumption. Some of its disadvantages may be overcome by the use of closed systems and the constant development of technological innovation.