Swisscom founds subsidiary Blockchain AG

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Swisscom is expanding in the field of blockchain technology. The new subsidiary, named Blockchain AG, is working on projects in the areas of banking and insurance, pharmaceutical and logistics.

Swisscom is increasing its efforts in applications using blockchain technology. To this end, the Telekom Group hired a team of specialists from the consulting firm EY (formerly Ernst & Young) and founded its own subsidiary, named Blockchain AG.

The new company is currently working on projects in the areas of banks and insurance companies, in the pharmaceutical and logistics sector, said the CEO of Blockchain AG, Daniel Haudenschild, on Thursday before the media in Zurich.
Prototype for commercial register

In addition, Swisscom is working on a prototype for a commercial register. This would make the trade register excerpt machine-readable. Another project is a digital share that can be traded outside a stock exchange.

This would open up new sources of financing for companies.

If the digital share succeeds in blockchain technology, Switzerland would be the first country in the world, said Haudenschild. Swisscom had already implemented a software prototype for off-exchange trading via Blockchain, in cooperation with Zürcher Kantonalbank and other partners.

Swisscom’s blockchain activities are still a small plant. At present the new subsidiary has 20 employees, it said. Swisscom holds the majority of the company with 70 per cent, the rest is owned by the founders.

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