22.07.2024, 17:46 Uhr
In der Auseinandersetzung um die Besetzung des VR-Präsidiums bei Logitech hat sich der Firmengründer Daniel Borel durchgesetzt. Auf seinen Antrag muss VR-Mitglied Guy Gecht für das Amt nominiert werden.
Crypto 16: Blockchain Hype and Bitcoin ATMs
The second Crypto event in Zurich indicated that digital currencies (cryptocurrencies, cryptofinance) still face some hurdles and that Switzerland could play a major role within this (r)evolution.
It was in 2010 when the user laszlo ordered two pizzas in Jacksonville, Florida and paid with 10.000 Bitcoins (BTC). In todays world that would represent a value of almost six million Swiss Francs. All transactions in cryptofinance happen without any intermediary and this is what blockchain is all about. Blockchain is a data structure that makes it possible to create a digital ledger for all kind of transactions. It is a buzzword, however not that easy to be understood. Crypto 16 painted successfully a picture about where this industry stands and what kind of potential it bears.
SIX Swiss Exchange prepared the audience through blockchain for dummies and the keynote speaker Rik Willard drew the attention to aspects behind the pure financial curtain by explaining how blockchain works in the world of art and music. Blockchain allows for instance that all stakeholders, of let say a music video download, receive their royalty or licence payments with much lower fees, simultaneously and without any time delay.
As in all young industries mistakes happen. The learning curve is steep. The case of the first Decentralized Autonomous Organization (DAO), which was founded in April 2016, hit the headlines. An unexpected coding error in the so called smart contract helped some hackers to withdraw a few millions Swiss Francs unprosecuted for themselves. Teething problems which are, according to specialists, are already solved in the meanwhile. Bitcoin Suisse AG (a Swiss company, domiciled in ZUG and regulated by VQF) not only runs a Bitcoin ATM network across Switzerland with locations in the major cities network of Bitcoin, where you can either buy or sell Bitcoins for cash but also supports a Swiss luxury good producer with money transfers from and to Nigeria. Even the Kanton Zug accepts already Bitcoins as payment, even for taxes.
Blockchain: Hype or not?
In the panel discussion amongst some selected blockchain enterprises (Xapo, Blockchain Source and Lykke) the panellists agreed anomalous on the bright future of the blockchain industry. The just didnt agree to either call it an evolution or revolution. Blockchain is a very young industry and some insiders compare it to the early nineties, the commercial birth year for the internet.
Blockchain could become a sort of dilemma for many industries, particular for the financial sector. Either the financial markets ignore the challenge and make themselves somewhat redundant or they embrace this new technology which requires to rethink their business model. All big players have the issue on their to-do lists and there may be the fear to miss the boat. Blockchain is faster and cheaper. There might be many, yet unidentified potentials, not only in the banking sector but in many industries far beyond the point of merely exchanging monies. Any contractual agreement from either a financial transaction to stock trading, to getting finally that Picasso, to buying the property all of that and much more can be put into a blockchain. Not all and certainly not perfectly yet today, however I am sure we will read more and more about this technology in the not too far future.
