Technology company IBM Switzerland and Blockchain workflow engine and generator Proxeus have shown how to register a Swiss startup entirely on Blockchain in a “fraction” of the time traditionally required as part of their entry in the digitalSwitzerland challenge, Proxeus told Cointelegraph.
The idea for Blockchain company registration came after Switzerland was ranked 54th and 56th respectively for the time and number of steps to start a business in a World Economic Forum (WEF) ranking of 138 countries, due to an excess in both the number of players involved and the physical paperwork required.
IBM’s and their partners’ entry for the digitalSwitzerland challenge shows how the usual process that involves a number of parties, such as “entrepreneur, lawyer, bank, notary and commercial register” can be turned into a digital workflow.
This is achieved by using the IT systems in the bank and commercial registry already in existence with the Hyperledger Blockchain and a smart contract, meaning that “key steps can be processed instantly,” resulting in a “record setting achievement” of time for registration.
The Hyperledger Blockchain has recently been used for a medical records Blockchain pilot program and SWIFT’s Blockchain pilot for bank-to-bank transfers.
CTO Europe Team & IBM Research Ulrich Schimpel said that the “major reason” that IBM participated in this challenge was to “embrac[e] a digital transformation” because:
“In the big scheme of things, reducing the complexity and duration of all administrative interactions throughout the entire corporate life-cycle has the potential to strengthen Switzerland’s position as a world-leading business location.”
Cointelegraph published an Expert Take in February about Switzerland’s new role as a “crypto nation,” due to its “balanced approach” to handling ICOs and its favorable tax laws.