The blockchain community gathered in Zug

Blockchain technology cannot only be used for crypto currencies – we know that by now. But how does the distributed ledger technology affect the real world and which everyday problems can it help us solve? One of those solutions offered through blockchain technology: the well-known flight delay insurance by Etherisc.

Stephan Karpischek, the founder of Etherisc, was one of  the speakers at the Blockchain summit 2018. He praised the potential of the technology but also didn’t hold back on his criticism. The target? Swiss banks. Karpischek explained: «Two guys from Puerto Rico are building innovative insurance products based on blockchain technology. Yet they wouldn’t even get a bank account in Switzerland».

Later, however,  it was announced that a working group headed by the Swiss Bankers Association will draw up a specific list of requirements for blockchain companies. It will also specify how information must be obtained to identify investors and clients if it relates to financial market services.

The audience, in general, got the impression that the banks are very well aware that a paradigm shift is in order when it comes to their approach to blockchain startups. «The industry will experience a revolution», says Mauro Casellini from Bank Frick.

Federal Councillor Johann Schneider-Ammann, who made the opening speech and received the recommendations of the Blockchain Taskforce, is certain of the potential the disruptive technology has for Switzerland: «Blockchain is a huge opportunity. For you as startups, investors, researchers or employees; for established companies wanting to explore new avenues; and for consumers». He concluded his speech with an advice to the international audience: they should consider a move to Switzerland to be part of it.

(Bild: SOK)