DigitalSwitzerland recently ran a competition to accelerate digitization efforts across the country. One of the winners was a blockchain project to speed up company formation in Zug. The World Economic Forum ranked Switzerland as 54th out of 138 countries for the time it takes to incorporate. This is despite Switzerland ranking
number one in global competitiveness.
The winning team included blockchain startup Proxeus, IBM, the ‘crypto valley’ Swiss Canton of Zug, Swisscom, as well as several lawyers, notaries, and a bank. Proxeus has a workflow system that integrates with Ethereum or Hyperledger Fabric.
In Switzerland, the registration process involves the entrepreneur, lawyer, bank, notary and commercial register. The project moved the digital workflow onto a Hyperledger Fabric blockchain and used a smart contract. This enables many of the steps to happen instantly.
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