The blockchain revolution in our daily lives

Since the creation of Bitcoin, blockchain and DLT solutions have become a major issue. Linked to the Geneva Blockchain Congress in Geneva in January 2020, focus on innovations in various fields.


The History of Blockchain

When did the first blockchain come into being? Who invented it? Most people associate the concept of blockchain with Bitcoin and therefore with the mysterious Satoshi Nakamoto (see opposite). But we must also look further back in history. And perhaps even much further back. To the early 1990s? Or even to the very beginning of history?

At the heart of present-day Syria, the Kingdom of Ebla was a regional power for nearly a millennium, between 2500 and 1600 BCE. Archaeologists have unearthed a completely original system for sending and authenticating diplomatic documents: a decentralised approval process involving a significant number of parties – kings, scribes, priests and messengers. In an article published in 2017 in the journal Ledger, Chris Berg, an Australian economist and blockchain specialist, likened this standardised protocol to an initial form of blockchain that (with the resources available at the time) came close to the current principle of Distributed Ledger Technologies (DLTs), the foundation of present-day blockchains.

Clay tablet mentioning the treaty between Ebla and Abarsal - Idlin Museum
Clay tablet mentioning the treaty between Ebla and Abarsal - Idlin Museum

But before Bitcoin, the two original authors had already created an initial blockchain. And this has been hosted since 1995 in the Classifieds and Lost and Found section of the New York Times. In 1995, Haber and Stornetta founded their company called Surety. And every week in this section of the venerable daily newspaper, they publish a series of characters that have an obscure meaning for the uninitiated. In fact, they are a cryptographic attestation of Surety’s digital seal database. The purpose? To falsify the data, a person would have to recover the 600,000 issues of the New York Times containing this sequence of characters. An almost impossible mission.

The Lost & found notice in the New York Times.
The Lost & found notice in the New York Times.


For several years, Bitcoin was the leading force in an entire sector. While specialists very quickly recognised the many opportunities offered by Distributed Ledger Technologies (DLTs), the general public associated this sector with the world-famous cryptocurrency. In 2014, Vitalik Buterin, a Russian-Canadian programmer and proponent of open-source solutions, founded Ethereum. This new blockchain, on which another encrypted currency, Ether, is also based, opened up infinitely wider potential developments than Bitcoin’s cryptocurrency. And it was in Zug, Switzerland, that the two basic structures of Ethereum were founded: Ethereum Switzerland GmbH, which developed the first version of the Frontier software, and The Ethereum Foundation, a non-profit organisation that promotes the development of the Ethereum blockchain and its currency. In doing so, Buterin paved the way for public and open DLTs on which countless applications can be imagined.

More specifically, in 1991, in the Journal of Cryptology, two US researchers from Bell Communication Research (Bellcore), Stuart Haber and W. Scott Stornetta, published an article entitled How to Time-Stamp a Digital Document. This article laid all the theoretical foundations for today’s blockchains. Both authors stated: “The problem is to time-stamp the data, not the medium.” The concept was refined a year later when Merkle Trees were incorporated into the system initially designed by the two researchers, then joined by a third mover called Bayer. The architecture proved at that time to be effective, and it was on this basis that the Bitcoin blockchain was developed sixteen years later.

However, aside from Surety, this technology was not actively used until the late 2000s. In fact, the patent filed by the authors expired in 2004. It was also in 2004 that a computer scientist specialising in cryptography, Harold Thomas Finney, made his mark by devising Reusable Proofs of Work (RPOW), a system that enabled certified long-distance trades using a fee-based service provided by a third-party.

The most recent step forward was taken in October 2008, with the publication on Metzdowd of Satoshi Nakamoto’s white paper explaining how an encrypted currency could be developed based on the principle of decentralised control. It was this last point that triggered the wave of cryptocurrencies and opened up new opportunities for blockchain technology. Using the peer-to-peer principle, each peer holds proof of the transaction (just like the readers of the New York Times for Surety) and has no need to use a centralised regulatory authority. On 9 January 2009, Satoshi Nakamoto was the first person to mine Bitcoin, quickly followed by Harold Thomas Finney.

The History of Blockchain

The History of Blockchain

Who is Satoshi Nakamoto?

In October 2008, Satoshi Nakamoto published his whitepaper on Bitcoin on a mailing list of cryptographers and hacktivists. In January 2009, he mined the Bitcoin genesis block. Nakamoto continued to collaborate until mid-2010 with other developers on the bitcoin.org website he created himself. He then disappeared. Who, then, is this totally unknown man?

Satoshi Nakamoto has provided few clues about his identity. He merely claimed to be a Japanese developer born on 5 April 1975. However, his sudden appearance in the community, his mysterious identity and unexpected disappearance quickly intrigued specialists in the field. Many authors believe that his name is either the pseudonym of another developer or a fictional character created by a group of authors and developers.

J W ?
? P H
C ?
? H D
H ?

The lexicon of the blockchain

With Pierre Kauffmann (Blockchain leader, IBM Switzerland) and Olivier Depierre (Attorney-at-law, DLT). Both of them will be at the Geneva Blockchain Congress on January 20th, 2020, at Palexpo.

Trials of on-chain citizenship to be confirmed

With e-voting, the commercial register and access to shared infrastructure, Zug and Geneva are Swiss pioneers in using blockchain to simplify access to administrative services. Creating a decentralised digital identity is at the heart of this challenge.

You talk a lot about digital technology, but you don’t act

Taavi Kotka’s visit in 2017 certainly caused a degree of unrest among Swiss councillors. “You talk a lot about digital technology, but you don’t act,” said the former member of the Estonian government to the audience (including Doris Leuthard) assembled for the opening of the Swiss national digital conference on 19 November 2017.

Taavi Kotka, ancien membre du gouvernement estonien

The impetus behind Kotka’s daring and very public refocus of thinking was that the small Baltic country has been embracing e-governance since 1997. Its roadmap is marked in particular by the introduction of online taxation in 2000, digital identity in 2001, electronic patient records in 2008, and the introduction of blockchain technology since its very first steps at the turn of the decade. The result is greater ease and speed of procedures for its citizens, and substantial savings for its government.

As of today, 99%
of public services are available to citizens as e-services.

  • Today virtually all state-related operations – except marriage, divorce, and real estate transactions – can be carried out digitally
  • Filing a tax return takes less than five minutes, public voting occurs online, and all patients have electronic medical records. It is easy to establish a company online and sign documents digitally.
  • Officials report that Estonia saves over 1400 years of working time and 2% of GDP annually through its digitised public services.

Source : Estonia – the Digital Republic Secured by Blockchain - PwC

2012 was the year of the big shift in Estonia with the implementation of the Estonian e-government system, marked by the blockchain-based launch of the succession register, followed initially by the property, health and commercial registers, guaranteeing the secure and decentralised storage of transactions and data. As a result, requests are processed more quickly, and citizens’ data is more secure.

Encouraging trials in Geneva and Zug

At the beginning of 2018, Geneva undertook a project to implement a decentralised commercial register on blockchain. It provided an essential service: the automatic delivery – via a smart contract executed on Ethereum – of a certificate from the commercial register, certified as a true copy, without human intervention, faster for citizens making the request and more cost-effective for the service delivering it. Vincent Pignon, digital advisor in charge of blockchain projects for the State of Geneva, explains: “The blockchain supports the automatic execution of transactions and their storage in an immutable way. We will allow people to access an Oracle – a decentralised database that is a reliable and secure source of information.” Vincent Pignon is also Founder and CEO of Wecan Group which will be at the Geneva Blockchain Congress on January 20th, 2020, at Palexpo.

While such a large-scale production launch remains unique in the world, some public authorities, at the time of Taavi Kotka’s thunderous intervention, were actively working on the first trials that would be carried out between 2017 and 2018.



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Hint : potential country of origin of the enigmatic Satoshi Nakamoto

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Source : Etat de Genève

The automatic execution of transactions and the tamperproof nature of public blockchains also prompted the city of Zug to conduct a trial with 72 citizens of an e-voting system using the technology. The project, which ran in 2018, involved the Lucerne University of Applied Sciences and Arts, where Alexander Denzler works. This institution’s blockchain specialist highlights the multiple advantages of decentralised e-voting: “It works very well. We organised a large-scale penetration test, and did not get hacked.

A system like the Post Office is centralised, and administrators act as intermediaries. The risk is twofold: either the government manipulates the system, in a country with a weak democracy, for example; or a hacker penetrates the system. With blockchain, there are no intermediaries, so no manipulation is possible. Once the system is activated, we cannot interfere with it.” In addition, each citizen can verify that their vote has been registered, unlike sending it by post.

Blockchain Voting : the Follow My Vote way

The user downloads and
installs the voting booth.

The voter securely submits identity information for verification...

...and registers for the election they qualify to vote in.

The voter is authorized to cast a ballot by both the ID verifier and registrar.

The voter then votes and submits their ballot to a secure blockchain based ballot box, while retaining anonymity and ballot secrecy.

The voter securely submits identity information for verification...

...and registers for the election they qualify to vote in.

The voter is authorized to cast a ballot by both the ID verifier and registrar.

The voter then votes and submits their ballot to a secure blockchain based ballot box, while retaining anonymity and ballot secrecy.

If a voter changes their mind, they have the ability to change their vote at anytime in the days leading up to the election.
Election officials can decide to turn off/on this capability depending on laws and election rules.

Using their vote account, the voter can go into the ballot box and verify for themselves that their vote was cast as intended. The voter can even audit each ballot in the ballot box to confirm the election results are accurate. All while retaining privacy and top level security.

Source : followmyvote.com

Widespread use is slow in coming

Despite results considered successful by stakeholders, the trials conducted in Zug and Geneva have not yet resulted in a production rollout. However, Vincent Pignon believes that the system tested for the commercial register “can be applied to any type of certificate from the register, such as birth certificates”. Nor is there any large-scale rollout for the Zug e-voting trial, despite a stated desire for larger-scale testing and the development of a dedicated foundation with the public (open source) online release of the code. Vincent Pignon points out that “Geneva has studied the possibility of using blockchain for e-voting, but has ruled it out”. This is due in particular to the requirement to delete the data after processing, which is incompatible with the immutability and traceability inherent in blockchain technology.

Despite the obstacles, other initiatives continue to emerge, such as the one developed by the Canton of Valais for Montagne Pro which won an award in April at a Digital Switzerland competition. This is a decentralised register of mountain professionals authorised by the canton. It guarantees to both citizens and insurers that the guides are properly approved in Switzerland, that their continuing training is up-to-date, that they have liability insurance, and that races can be recorded and time-stamped.

On-chain digital identity, the driving force behind the shift

To take it to the next level and reach citizens on a large scale, the blockchain needs citizens to be provided with a strong, certified digital identity on the blockchain, in the form of a public key in a digital wallet. The authorities developing these projects are aware of this prerequisite. The city of Zug worked with the uPort system, which allows citizens to create this on-chain identity and then have it approved by a Zug public official. Using this identity, a citizen can access various available services, such as the AirBie bicycle sharing service, used more than 1500 times by some 90 users.

The city of Geneva relies on SwissID, a Swiss certification service for digital identities and signatures. The citizen creates a certified digital identity, then a blockchain key and the canton bridges the gap between the two environments, authenticating the identity on the blockchain. “The advantage over the Zug system is that it offers an on-chain identity that is not only usable in the city of Zug, but everywhere, in a large number of places and situations.”»

Christian Raemy, fondateur de Airbie, avec will Smith à l’event tech crunch, SF, octobre 2019
Christian Raemy, founder of Airbie, with Will Smith at the TechCrunch event, San Francisco, October 2019.

Pending a standard, some long-standing providers – such as WISeKey – now include the level of security required for blockchain-based business applications using digital certificates and electronic signatures with legal value, as detailed by Carlos Moreno, Vice President, Corporate Alliances & Partnerships. WISeKeywill be at the Geneva Blockchain Congresson January 20th, 2020, at Palexpo, to discuss multiple matters on Blockchain such as Deep Tech and Illicit Trade and Counterfeiting.

« Our core business is based on our certification authorities, which authorise the issuance of advanced certificates that are the only way to provide strong identification of players on the internet. Under our agreements, we also have the option of issuing qualified certificates such as SuisseID or eIDAS »

Carlos Moreno, Vice President Corporate Alliances & Partnerships at WISeKey

The private keys of certificates can and sometimes must, depending on the legislation, be secured using cryptographic chips (used as a physical safeguard) known as the Hardware Security Module (HSM).

« The same procedure is used on the blockchain, with the private key of the certificate stored in the citizen’s wallet. The blockchain provides data immutability, and in this sense technology becomes a strong vehicle for adopting dematerialisation processes. »

Carlos Moreno, Vice President Corporate Alliances & Partnerships at WISeKey

Blockchain: making a difference for employees

A reliable system that can limit fraud and guarantee anonymity? Blockchain is a technology with tremendous potential, as demonstrated by various initiatives to improve employees’ working conditions.

Everyone seems to be talking about blockchain. Whether they are just getting started or have fully adopted blockchain with all its benefits and drawbacks, companies are seeing major changes for employees in several specific areas. A few examples.

Certification

Before you’re an employee, you have to be hired. Several entrepreneurs are now using blockchain technology to enhance document security. One of those companies is CVTrust, which has operations in Switzerland and is growing worldwide. Its founder, David Goldenberg, had one simple goal: to reduce the risk of fraudulent diplomas and credentials. To do that, diplomas and credentials are issued electronically instead of on paper. That means document issuers can avoid sending them by mail.

David Goldenberg, founder, CVTrust

David Goldenberg, founder, CVTrust

It’s also easier for human resources staff to check documents. “A lot of HR departments now used trusted third-parties for verification. If you’re hiring out of a pool of 300 to 500 applicants, that costs a lot of time and money,” explains Goldenberg. His “Smart Certificates” offer a response to fake documents, which are submitted by applicants and sometimes slip through the cracks. One advantage of digital credentials is the fact that it takes far more effort to falsify a diploma on the blockchain. Doing that would require changing the hash (cryptographic identity) of the majority of the document’s nodes. And if the school that issued a diploma wants to retract it due to infractions discovered after the fact, it can do so.

Everything is hackable, but it practice it’s virtually impossible.

David Goldenberg, founder, CVTrust

Here’s an example to better illustrate what that means

  • A job applicant has a biochemical engineering degree. He received his certified diploma by registered mail.
  • A year later, his engineering school discovers that he plagiarized his work and retracts his degree. But he already has his original, certified diploma and it’s up to recruiters to check that it is valid.
  • With a diploma issued via blockchain, however, the school can invalidate the diploma, and the change will be shown by the final modified hash when it is checked on the platform. “If a single pixel is changed, the document’s hash won’t match,” explains Goldenberg.

    This solution would save time for employers and simplify life for employees. And they would no longer need to store their originals, since everything would be available online with a username and password.

Payroll management

What if companies managed payroll using smart contracts? The technology and the automated actions it enables would simplify salary payments. Blockchain specialists highlight its potential, particularly for independent contractors and per diem employees. There are several initiatives in that vein, including one from the startup Cryptobank. With PaymentX, it aims to offer companies the option of paying employees in cryptocurrency. Both dollars and their own tokens are available.

Paying employees in bitcoin?

The current legislation does not allow employees to be paid in cryptocurrency. The Swiss Code of Obligations does, however, leave some gray areas because bitcoin is not considered a legal currency in Switzerland. While employees are customarily paid in Swiss francs, they may reach an agreement with their employer to be paid in foreign currency. However, that still leaves the question of salary predictability, another issue on which the authorities have yet to rule. Would it be illegal to pay a monthly salary in bitcoin? No, under the law prohibiting economic risk. Workers must make sure they can cover their regular expenses. Yes, given the legal uncertainty surrounding cryptocurrency. If bitcoin is considered a foreign currency, it can be used for salary payments.

Art. 323B para. 1 CO
Art. 323b C. Obligations of the employer / II. Salary payment Salary guarantee

1 Unless otherwise provided by agreement or custom, the salary must be paid to the employee in legal tender during working hours; a written salary statement must be provided to the employee.
2 Where the employer holds claims against the employee, he may set them off against the employee’s salary claim only to the extent that such salary claim is subject to attachment, although claims for compensation of intentional damage may be set off without restriction.
3 Any agreement whereby the salary must be used for the employer’s benefit is void.

Sending money abroad

In addition to salary payments, international money transfers are also a key concern. International money transfers can be both complicated and expensive. In its brochure for migrants, the Swiss State Secretariat for Economic Affairs (SECO) presents the different options for sending money abroad. Libra Association will be at the Geneva Blockchain Congresson January 20th, 2020, at Palexpo, to discuss the era of Stablecoins among other topics.

Advantages / Disadvantages of...

Will you be able to associate these groups of advantages / disadvantages with the corresponding types of money transfer? For each group, check the correct box. Then check your answers.

Advantages Fast
High level of security
Wide reach
No bank account needed
Also open on Sundays and outside of normal office hours
Fast and reasonably priced with e-banking or standing order
Transparent exchange rates based on market rates
High level of security
Additional financial services available, such as loans, mortgages or saving products
Cash payments possible
High level of security
Offers a specific product for migrants
Additional financial services available, such as savings or pension provision products
Inexpensive, depending on the provider and the recipient’s country
Easy to use
Disadvantages Generally expensive for transfers of small sums of money
Exchange rates higher than market rates
No other financial services offered
Recipient’s bank may charge high fees
Often takes a long time to countries outside the EU/EEA
Bank account needed
Payment order at the counter or by phone only possible on business days
Recipient’s bank may charge high fees
Often takes a long time to countries outside the EU/EEA or for the cash to be paid in the recipient’s country (except in the case of the special product)
Closed on Sundays and outside of office hours
Additional fees may be charged (e.g. third-party fees by the recipient’s bank)
The transfer takes a long time if payments are to be made to the recipient’s bank account
Credit card and/or bank account required
Internet access usually needed at both the sender’s and recipient’s end (except for systems using prepaid cards)

Libra, a Geneva-based association, is focusing on these functions. Its Chief Operating Officer Bertrand Perez summed up the project during a presentation at the CREA school: “The goal is to do for payment systems what Internet did for telecommunications.” In other words, Libra aims to make it easier to send, receive, and store money worldwide. The project remains controversial, however, and it is still awaiting the necessary legislative authorizations. Perez makes no secret of the fact that FINMA’s approval is a priority.

The goal is to do for payment systems what Internat did for telecommunications.

Bertrand Perez, COO Libra

Protecting employee data

Another advantage of blockchain is employee data security. According to Fabio Bonfiglio, Chief Technical Officer at Disruptale and President of the Comitee for Neuchâtel's NEDAO project, the difference between a traditional database and a blockchain database is as follows:

Fabio Bonfiglio, Chief Technical Officer, Disruptale
Fabio Bonfiglio, Chief Technical Officer at Disruptale and President of the Comitee for Neuchâtel's NEDAO project

« If you have an adequately distributed blockchain configuration that includes actors/nodes that are diversified enough to prevent any risk of connivance on over 50% of the nodes, blockchain can guarantee your information’s immutability and provide an irrefutable time stamp. However, it cannot be used to store large quantities of data. Generally only the signatures (hash) on documents or data are recorded on a blockchain. The documents themselves are stored either on traditional devices or on decentralized networks like IPFS. »

One well known example is Generali, which sees the benefits of this technology. Like with other solutions, the architecture on which the data is stored makes it possible to define who has the right to view it.

But does blockchain really guarantee anonymity ?

A response from expert Fabio Bonfiglio. “Other cryptography techniques, obfuscation of data and especially of the transportation networks used to send it, do have to be implemented. For any system that offers “secure” services, whether in terms of data protection or anonymity, the ideal is still to have access to the platform’s source code so it can be audited. When smart contracts are used, that code can easily be found and audited due to the public nature of the transactions, so you mainly need to ensure that no unencrypted data is stored in a smart contract.

To ensure anonymity during interactions with a smart contract, you have to ensure that your address/identity cannot be associated with others by tracing transactions, and ideally you should be using your own node to transmit transactions.

Blockchain will impact all industries

Blockchain is expected to generate 300 to 400 billion dollars in economic value worldwide by 2027, according to Michael Klien of UBS Global Wealth Management.

Less than 10% of companies have invested in blockchain.

Blockchain is generating a lot of buzz, but very few companies have integrated it into their activities. Some simply don’t understand it or don’t see its benefits.

However, awareness of blockchain has been on the rise, a trend that started about three years ago.

Blockchain could cause a sea change in several industries: banking, insurance, notarial services, medical services, real estate, the art market, and public administration. A study by Accenture shows that close to half of insurers will use this technology within the next two years.

Vincent Pignon, founder of Wecan Group, a Geneva-based company that co-creates blockchain solutions.

Vincent Pignon, founder of Wecan Group, a Geneva-based company that co-creates blockchain solutions.


Like the web, blockchain will impose itself and will soon be used across all industries

Blockchain is also driving the emergence of new activities. “When we look at the 350 applications for support that the Fongit, a Geneva incubator that supports startups, receives every year, we are seeing an uptick in high-quality projects involving this technology,” says Fongit director Antonio Gambardella.

A broad range of companies, from startups to multinationals, are now offering services for SMEs, multinationals, and governments. “But very few of them offer consulting services to explore new business models. Most of these companies are startups developing their own projects,” cautions Pignon.

Simplifying processes

Remember that blockchain enables the storage, transmission, and verification of information without centralized verification. Large numbers of participants can add encrypted information to it. Thanks to the unfalsifiable record it generates, which is accessible to everyone, blockchain can eliminate intermediaries in common services. Users can validate other users’ transactions without involving a third party.

The companies that have adopted blockchain have made that investment to simplify or accelerate processes, prevent data hacking, certify certain products, ensure product traceability, and enable disintermediated transactions.

For blockchain to be relevant, multiple companies in the same industry must form a consortium, even if they are competitors. It is useless for closed projects or with partners that do not fully trust each other.

Pierre-Alain Rime, economist
Pierre-Alain Rime, economist

Other companies are attracted by “tokenization,” the digital representation of an asset on a blockchain. “SMEs are keen to use security tokens, the digital equivalent of their shares, for example if they want to award shares to employees,” says Pignon.

Smart contracts are computer protocols that execute predefined conditions. “In the future, thanks to smart contracts you will be able to do things like book and unlock a hotel room using your smartphone,” says Pignon.

We will soon be able to enjoy cheaper products and services provided directly by their producers, with the same level of reliability and greater transparency.

You will be able to rent an apartment directly from its owner without paying a commission to Airbnb, order a ride without putting money into Uber’s pockets, transfer money across the world for very low fees or buy solar energy from your neighbor.

A few examples:

International trade finance

International trade finance

International trade finance has everything to gain from blockchain: a single transaction currently involves up to 20 participants, 10 to 20 documents, and roughly 5,000 data operations. It is also an area in which commercial transactions involve voluminous paper documents and certificates. The processes involved tend to be long, with numerous participants involved throughout the logistics chain. In 2018, a consortium of raw materials businesses launched Komgo. This Geneva-based startup uses blockchain to facilitate transactions between producers, traders, and financiers. Several industry titans are involved in the project, including banks like BNP Paribas, Citibank and Crédit Agricole CIB, oil companies like BP and Shell, and traders like Gunvor and Mercuria. In addition to boosting security blockchain speeds up transactions, thus shortening financing cycles.

Food traceability

Food traceability

Traceability applications include the IBM Food Trust, which counts giants like Walmart, Carrefour, Nestlé, and Unilever among its members. Practically speaking, these companies store various data on crop harvests and food processing, transportation, and labeling. Thanks to blockchain, consumers can access information on the origin and quality of the products, including data on harvesting, processing, and labeling. For their part, companies can better control their supply chain, accelerate processes and formalities, more quickly identify any problems, and facilitate product recalls and limit waste. “We trace 5 million products,” says Pierre Kauffmann.

Medication traceability

Medication traceability

Food is not the only product that requires traceability; other examples include products like medication deliveries. Medications can be highly sensitive to temperature changes. The Zürich-based startup Modum and the French postal service have signed a partnership to bring the pharmaceutical industry a reliable tool to monitor medication temperatures during deliveries to pharmacies and hospitals. How does blockchain help? Once the data on transportation conditions (temperature, location, impacts, etc.) has been recorded, it cannot be modified. If the goods have been damaged, this technology makes it easier to find the causes and culprits.

Secure ticketing

Secure ticketing

Festival, show, and sporting event organizers have discovered that blockchain offers a way to prevent scalping. The UEFA selected a ticket distribution system based on a blockchain combined with mobile devices. After successfully implementing the new ticketing system for the final in Lyon, the UEFA extended it to all mass market tickets for the UEFA Super Cup in Estonia.

Paléo completed a project with ticketing solutions publisher SecuTix, a subsidiary of the Vaud-based company ELCA. In 2017, they tested a blockchain solution on approximately 10,000 fully digital tickets. Customers are required to identify themselves with their mobile number to purchase a ticket. They then receive an SMS with a link to download an application and access the ticket. They can sell their tickets or transfer them to another phone number, but not copy them. That means the organizer can maintain ticket traceability and see who will actually attend the event. The UEFA, the governing body for football in Europe, has also used a blockchain-based solution for several events.

Trust in mountain guides

Trust in mountain guides

Tourists can use the application Montagne Pro, developed for the state of Valais, to instantly check whether their mountain guide is properly certified. This digital platform also makes life easier for around 1,800 mountaineering professionals in Valais, who must be certified by the Canton or the Confederation. To obtain certification, they are required to submit their diploma and insurance as well as their continuing education certificates. By centralizing that information in a database, blockchain makes the process faster and more reliable.

Insurance and used cars

Insurance and used cars

Insurance companies operate in an increasingly complex ecosystem, with a vast network of relationships. AdNovum Incubator partnered with the University of Zürich, the Lucerne University of Applied Sciences and Arts, AAG, AXA, and Mobility to develop Car Dossier, a blockchain-based digital file in which all the data on a vehicle’s life cycle can be stored transparently - and is impossible to manipulate. They developed it as a response to the lack of trust that is endemic to the used car business. The business also involves numerous unconnected participants: manufacturers, replacement part suppliers, insurance companies, importers, garages, dealerships, car services, private buyers, sellers, etc.

Blockchain impact by indutry


Insurance

Process Automation
Secure Information Exchange
Digital Identity Management

Media and communication

Hyper-PersonalizationPayment Automation
P2P Marketplace

Healthcare

Interoperability of Information Between Systems
Improved Data Management
Verification of Qualifications

Agri-food

Increased Transparency in the Production Chain
Consumer Product Visibility
Dynamic Prices

Finance

Tokenization of Assets
Faster Clearing and Settlement
Easy Exchange of Documentation (KYC, AML, etc.)

Loyalty

Interoperability Between Different Brands
Improved Real-Time Experience
Accelerated Onboarding for Each Brand

Industry and manufacturing

Unique Part Traceability
Process Optimization
Enable the Creation of Digital Twins

Energy

P2P Exchange – Microgrids
Improved Operations Management
Payment and Micro Transactions

Source: wecan

Tokenized assets are revolutionizing investment

Investing in a new start up or a real estate development with limited resources: tokens issued through security token offerings are democratizing access to investment. The challenge is giving owners the same rights as with traditional assets.

Track the course of the “crypto bubble” by selecting the periods below.

Early 2017

The value of bitcoin stands at $1,000.

The value of ether (Ethereum) is estimated at $8.

Emergence of ‘tokens’, a new digital vehicle, issued mainly by young blockchain start-ups seeking funding, and paid for using cryptocurrencies in particular.

End 2017/Early 2018

The value of bitcoin almost touches $20,000..

The value of ether (Ethereum) has risen to $820.

SwissBorg raises more than 50 million Swiss francs; its token is valued at €0.093 per unit.

Envion raises more than $100 million.

Mi 2018

47% of these blockchain companies are officially declared bankrupt, increasing the number of dormant/inactive companies and providing no further news to their community.

SwissBorg sees the value of its token decrease to €0.019 per unit, a fall of 79%.

Envion suffers an 84% decrease in the value of its token.

End 2018

The wave of ICOs recedes as fast as it rose.

No signs of recovery since then.

Six months later, 47% of those companies had declared bankruptcy, while many others had gone dormant and stopped providing their communities with updates. One of the most widely publicized, Swissborg, had raked in over 50 million Swiss francs in December 2017 before seeing its token price plummet from 0.093 to 0.019 in June 2018, a 79% drop. Envion, which had raised over 100 million, saw an 84% drop in its token value.

Most investors found themselves with no recourse, since “utility” tokens do not represent a share or financial instrument. The legal disclaimer for INSCoin’s ICO, for example, carefully highlighted “the absence of any legal action against the company in case of failure, nonperformance or non-implementation of the project, as well as in the case of the INSC token losing part or even the totality of its value,” and reminded purchasers that “the token grants no financial (income, capital or dividend) or voting rights in the company.”

01.2017 02.2017 03.2017 04.2017 05.2017 06.2017 07.2017 08.2017 09.2017 10.2017 11.2017 12.2017 01.2018 02.2018 03.2018 04.2018 05.2018 06.2018 07.2018 08.2018 09.2018

Cryptocurrencies: a new non-correlated asset class

This massive purge did not, however, eliminate investors’ interest in the potential of blockchain, particularly the top cryptocurrencies. After spending the winter of 2018-2019 hovering between $3500 and $4000, by mid-October Bitcoin was trading at around $8,500, 8 times higher than its pre-bubble levels in 2017. This resilience is due to a number of factors, including the development of a range of solutions for individual and institutional investors.

Storage solutions have significantly reduced the risk of hackers accessing a wallet stored on the hard drive of a computer or mobile phone or directly on the exchange platform. These solutions, in the form of small USB drives, work for individual investors but not for banks, which require more sophisticated options. In Geneva, Taurus Group SA offers banks its Taurus-Protect cold storage custody solution, which includes a physical infrastructure, the HSM (Hardware Security Module), which is installed on the bank’s premises, and software featuring risk management fraud detection and compliance processes to enable interaction with it. Alexandre Ferreux, a trader at Taurus, says that “storing and securing cryptocurrencies is a serious concern for institutional investors.” With this solution, clients like Vontobel and Arab Bank Switzerland can offer their own clients a secure way to buy, sell, and store digital assets. “It’s easy, which encourages uptake by the public,” explains Ferreux. Taurus Group SA will take part in the track « Bank & Finance » at the Geneva Blockchain Congress on January 20th, 2020, at Palexpo.

The market is more liquid and more transparent, platforms are better regulated with fewer arbitration opportunities, and the regulators are watching. Those are all signs of an increasingly efficient market.

Institutional investors are now taking a closer look at bitcoin-backed derivatives, particularly the futures offered by the CME. Bitcoin is starting to find its place in portfolios. In February, two US pension funds invested in a $40 million dollar Morgan Creek fund dedicated to blockchain that highlights the “lack of correlation between crypto assets and traditional assets,” something that is currently highly sought due to the uncertainty on the financial markets.

Several studies corroborate that observation, including one by former Pictet bank FX trader Audrey Charmant, which shows that cryptocurrencies are strongly correlated among themselves (over 0.9), the financial markets are strongly correlated among themselves (between 0.7 and 0.9), but that when you combine the two, the correlation is virtually nil (under 0.05).

Yves Choueifaty, president of Paris-based asset management company TOBAM and former CEO of Crédit Lyonnais Asset Management, has developed an experimental bitcoin fund.
Yves Choueifaty, president of Paris-based asset management company TOBAM and former CEO of Crédit Lyonnais Asset Management, has developed an experimental bitcoin fund.
Source : Audrey Charmant
Source : Audrey Charmant

Tokens with investor guarantees

Cryptocurrencies aren’t the only blockchain assets to have survived the great meltdown of 2018. While the number of ICOs is still down, a new generation of tokens that offers guarantees for investors has emerged. Mont Pelerin, a Geneva-based start up, launched its STO (security token offering) in spring 2019, raising 2 million francs. This was an STO with a difference: the company was the first to include a registered share with the token. That means token owners are full shareholders, as co-founder Arnaud Salomon explains: “It’s very different than a private-law contract, since with this model investors are protected by law. They have voting and dividend rights.” Mont Pèlerin is now replicating that model for other companies. “You can manage the technical and legal aspects of an STO, and not just for shares. You could also do bonds or derivatives, for example. What we are doing is really digitizing identified products with identified issuers.” Mt Pelerin will take part in the track « Bank & Finance » at the Geneva Blockchain Congress on January 20th, 2020, at Palexpo.

That means token purchases can now be treated as genuine investments - a change that opens up previously inaccessible markets like real estate and startup funding to small investors. This summer, for example, the company Tokenestate.io “tokenized” Global ID, an EPFL startup, with the minimum buy-in set at just 250 francs. To make that happen, tokenestate founder Vincent Trouche had to develop an extremely simple on-boarding process capable of bringing in large numbers of investors in a few minutes. “We get their identity, address, and all the other mandatory information for their profile, and then automatically generate an email reminder for any missing information. The investment prospectus is presented and an investment contract can then be issued,” explains Trouche, who also had to develop a proprietary, legally-binding electronic signature. Expanding access to real estate investment is the next goal, through a partnership with Swissroc: “Real estate involves a lot more legal constraints than startups. At this point, it’s hard to imagine a minimum investment that’s not well into the five figures, but we are working on bringing that down.”

The STO market lacks liquidity because there are very few players. While technology can enable liquidity, it doesn’t provide it. The regulated framework will take time to be accepted, and one of our challenges is to have banks offer tokenized assets. They are now very interested.

The two companies are partnering within the CMTA (the Capital markets and technology association, founded by Swissquote, the EPFL, and the law firm Lenz & Staehelin among others) , along with Taurus, which supervises its technology committee. One of the CMTA’s stated goals is to establish a standard for tokenization of existing assets that complies with the regulations, in agreement with the FINMA. While it is both technically and legally more solid, this new wave is still suffering from the negative experience of “crypto-enthusiasts” scarred by their disappointment with the ICOs of 2017. The volumes traded remain very low, a fact illustrated by the September 2019 figures from the main US platforms:

That means liquidity levels, and therefore the ability to buy and sell, remain extremely limited. Platforms like Taurus and SDX (launched by SIX) aim to resolve that problem by creating secondary markets. In the meantime, market players have to get creative, like Trouche: “We could create liquidity events where potential buyers and sellers could meet.” Arnaud Salomon of Mont-Pelerin is trying to remain realistic:

Banking and finance

Blockchain, initially intended for banking and finance, has gained in popularity and is providing solutions to certain problems facing the traditional system, particularly those involving trust. “Our entire activity is based on trust among the players involved. Blockchain technology, which generates transparent, non-modifiable records, reassures investors,” says Globcoin CEO and founder Hélie D’Hautefort. Stakeholders can go back up the blockchain to access a log of data like a token’s terms of issue, successive modifications, or shareholders’ identities.

That data is extremely secure: it cannot be deleted or modified, and any additions require network consensus. “Blockchain is also a great tool for traceability, since provides real-time monitoring of data by different players,” says D’Hautefort. He adds that it is fully secure and confidential because “with private blockchains, access can be controlled by accepting members by invitation only.” The next step is finding a way for past, present and future players to work together to avoid inhibiting development of this fully-operational technology.

Healthcare and wellness

Blockchain offers numerous benefits for Healthcare and Wellness, but those benefits have yet to be fully realized. Jean-Pierre Hubaux, a professor at EPFL, says blockchain has many different applications: “Typically, in the case of cohorts that are decentralized across several hospitals, researchers’ requests are recorded on the non-modifiable blockchain, so in the event of a misconduct investigation, everything is recorded right there.” Hubaux also mentions storage for access rights to a decentralized system and the benefits of data exchanges between rival companies in the pharmaceutical industry.

Although it remains controversial, patient consent might be the most effective healthcare application of blockchain. “With blockchain, all the medical data generated leaves a trace and can no longer be deleted. That is very useful, because it provides access to all of a patent’s data, which is all referenced in the same place, but there is a real issue with non-retractability,” says Christian Lovis, Professor and Chairman of medical information sciences at HUG. There is no longer a “right to be forgotten,” as there is for criminal records: a decision made X years ago resurfaces every time medical care is provided.

Public administration

Blockchain also has a role to play in public administration, mainly in the form of Distributed Ledger Technologies (DLT). These are ledgers recorded in multiple locations at the same time, unlike traditional databases. Individual and corporate administrative procedures can be time-consuming, and “blockchain improves transparency and processing times on some kinds of file while eliminating any redundancies,” explains Gianfranco Moi, development officer at the Geneva General Direction for Research and Innovation Development.

DLT’s other benefits include the fact that certain transactions can be automated by eliminating intermediaries and the State can serve as a guarantor (or trusted third party) by guaranteeing the authenticity of the information and legitimacy of the players involved. “We currently have two challenges: making the most of this technology to make our agencies more efficient, and providing a framework for its expansion while protecting privacy, the environment, and sustainable development,” explains Moi.

Supply chains and logistics

Supply chains and logistics are a vast field. From rare metals to fair trade, eco-friendly agriculture, aircraft parts, or maintenance, they are involved in an endless array of applications but the challenges are always the same. The most common challenges are control of the supply chain and creating a digital duplicate of the object tracked. This is where blockchain can be useful, since it offers a unique level of transparency and auditability. “But it is still too soon, blockchain is still in the exploratory phase in this field,” says Marta Piekarska-Geater, Director of Ecosystem at Hyperledger.

While interesting cases are beginning to emerge, including Circulor’s tantalum tracing, Honeywell’s aircraft parts market, or the FoodTrust project, widespread use of blockchain remains far in the future. Piekarska-Geater says that, “there are a few exciting projects, but we are still nowhere close to massive adoption, and we need success stories on the market.” She adds that, “actually any story can help us move forwards, we also learn a lot from failures.“

Social and humanitarian applications

Blockchain, which is already in use in numerous fields linked to the UN Sustainable Development Goals, migrant worker protection, and aid flow traceability, has numerous features that could benefit humanitarian organizations. “Real-time access to reliable information is key for organizations. At the same time, the decentralized nature of blockchain enables vulnerable populations to retain control and ownership of their data and their privacy,” says Jessica Camus, Head of Partnerships and Impact at Diginex.

She adds that at a time when social services and humanitarian organizations are under pressure to provide constantly improving results in less time and with fewer resources, “organizations have to become smarter about how they use and share data.” A step forwards that blockchain could help catalyze. “However, making blockchain an integral part of procedures would require close cooperation between international organizations, the private sector, NGOs, and governments,” says Camus.

Cryptocurrencies and tokens: legal status in question

Governments are getting involved in cryptocurrency. After Sweden and China announced their plans to launch their own stablecoins, the Banque de France has just made a similar announcement, following in the footsteps of the Swiss National Bank, SDX, and the BRI. While the technological challenges involved are close to being resolved, legal and political challenges remain. Olivier Depierre, a lawyer specializing in new technologies and an expert in blockchain, explains: “There is currently a debate in Swiss and comparative law about what we already call ‘central bank digital currencies.’ In fact, last Friday the Federal Council came out against the idea of a crypto-franc for now.”

Cryptocurrencies aren’t the only subject of debate inspired by blockchain. Depierre is also interested in the latest generation of cryptographic tokens, which represent underlying financial assets (shares, bonds, etc.): “Here you have to distinguish between private law assets like shares - for which tokenization is moving fast - and structured products or collective investments, which are subject to public law and require special authorization.”

In addition to the rules on issuing tokens, token holders’ rights are a key issue in current debates: “Under Swiss law, you cannot be the owner of a cryptographic token, which is legally considered electronic data, because there are only three types of property: movable property, real property, and intellectual property.” In other words, you cannot seek legal recourse for the theft of a bitcoin. Could current property laws be changed? “That would require a major overhaul of the foundations of Swiss private law. However, we could protect the rights of token holders with a new legal regime for ‘possession’ or ‘tenure.’” A long road lies ahead.

Blockchain and deeptech: towards a post-Google world?

The internet of things, robotics, and artificial intelligence are already being linked to blockchain. 50 billion connected objects now collect terabytes of data every day, and the question of data manipulation, security, and access control is leading the way towards the convergence of deeptech and DLT (distributed ledgers technologies).

Carlos Moreira, CEO of WiseKey, one of the historic leaders in digital identity services, believes that decentralization is already under way: “In 2000, AOL was centralizing websites, before each company created its own. Here we see the same trend, but with platforms. Technologies like artificial intelligence are becoming cheaper and more affordable for businesses, which can develop them and store information in blockchain ledgers.”

Brands - transformed into 4.0 platforms - could connect via interoperable social networks, enabling them to communicate with customers and collect their data without going through Google, Facebook, or Amazon. Individuals could use a certified digital ID to identify themselves and log on to sites easily, without going through Facebook or Google. They could then authorize access to their data on a case-by-case basis while retaining full control of their choices. “This trend could challenge the business model of today’s big tech platforms,” says Moreira. “At the same time, it could also restore individual control of personal data.“

Progress in efforts to prevent counterfeiting

20 million dollars: that's how much Everledger, a pioneering company that uses blockchain to fight counterfeiting, raised at the end of summer 2019. This London-based startup founded in 2015 can guarantee traceability of diamonds and other precious stones and metals, as well as grand cru wines, using blockchain ledgers to ensure full traceability from production onwards.

Combining decentralized ledgers with other technologies enables rapid identification by consumers. WiseKey, a digital identity company, is developing a RFID chip-equipped digital certificate to serve as an electronic passport to identify a product in the blockchain ledger. Carlos Moreno, Vice President Corporate Alliances & Partnerships, explains that “this makes illicit trade difficult, because you can trace and locate it every time the chip is read and compare that information to its intended destination.”

In addition to the watch and luxury industries, other industries are seriously exploring the possibilities of this technology. Interested companies include Philip Morris International, whose VP Illicit trade and prevention, Alvise Giustiniani, will be speaking at the Geneva Blockchain Congress on January 20: “The ability to label objects - not just digital objects, but also physical ones- so they can be uniquely identified is promising. We are closely following developments in this space.”

The main challenges for 2020

On the 20th of January, hundreds of specialists will be at the Geneva Blockchain Congress and will address many topics.

On the congress program

Banking and finance

Blockchain, initially intended for banking and finance, has gained in popularity and is providing solutions to certain problems facing the traditional system, particularly those involving trust. “Our entire activity is based on trust among the players involved. Blockchain technology, which generates transparent, non-modifiable records, reassures investors,” says Globcoin CEO and founder Hélie D’Hautefort. Stakeholders can go back up the blockchain to access a log of data like a token’s terms of issue, successive modifications, or shareholders’ identities. That data is extremely secure: it cannot be deleted or modified, and any additions require network consensus. “Blockchain is also a great tool for traceability, since provides real-time monitoring of data by different players,” says D’Hautefort. He adds that it is fully secure and confidential because “with private blockchains, access can be controlled by accepting members by invitation only.” The next step is finding a way for past, present and future players to work together to avoid inhibiting development of this fully-operational technology.

Healthcare and wellness

Blockchain offers numerous benefits for Healthcare and Wellness, but those benefits have yet to be fully realized. Jean-Pierre Hubaux, a professor at EPFL, says blockchain has many different applications: “Typically, in the case of cohorts that are decentralized across several hospitals, researchers’ requests are recorded on the non-modifiable blockchain, so in the event of a misconduct investigation, everything is recorded right there.” Hubaux also mentions storage for access rights to a decentralized system and the benefits of data exchanges between rival companies in the pharmaceutical industry. Although it remains controversial, patient consent might be the most effective healthcare application of blockchain. “With blockchain, all the medical data generated leaves a trace and can no longer be deleted. That is very useful, because it provides access to all of a patent’s data, which is all referenced in the same place, but there is a real issue with non-retractability,” says Christian Lovis, Professor and Chairman of medical information sciences at HUG. There is no longer a “right to be forgotten,” as there is for criminal records: a decision made X years ago resurfaces every time medical care is provided.

Public administration

Blockchain also has a role to play in public administration, mainly in the form of Distributed Ledger Technologies (DLT). These are ledgers recorded in multiple locations at the same time, unlike traditional databases. Individual and corporate administrative procedures can be time-consuming, and “blockchain improves transparency and processing times on some kinds of file while eliminating any redundancies,” explains Gianfranco Moi, development officer at the Geneva General Direction for Research and Innovation Development. DLT’s other benefits include the fact that certain transactions can be automated by eliminating intermediaries and the State can serve as a guarantor (or trusted third party) by guaranteeing the authenticity of the information and legitimacy of the players involved. “We currently have two challenges: making the most of this technology to make our agencies more efficient, and providing a framework for its expansion while protecting privacy, the environment, and sustainable development,” explains Moi.

Supply chains and logistics

Supply chains and logistics are a vast field. From rare metals to fair trade, eco-friendly agriculture, aircraft parts, or maintenance, they are involved in an endless array of applications but the challenges are always the same. The most common challenges are control of the supply chain and creating a digital duplicate of the object tracked. This is where blockchain can be useful, since it offers a unique level of transparency and auditability. “But it is still too soon, blockchain is still in the exploratory phase in this field,” says Marta Piekarska-Geater, Director of Ecosystem at Hyperledger. While interesting cases are beginning to emerge, including Circulor’s tantalum tracing, Honeywell’s aircraft parts market, or the FoodTrust project, widespread use of blockchain remains far in the future. Piekarska-Geater says that, “there are a few exciting projects, but we are still nowhere close to massive adoption, and we need success stories on the market.” She adds that, “actually any story can help us move forwards, we also learn a lot from failures.“

Social and humanitarian applications

Blockchain, which is already in use in numerous fields linked to the UN Sustainable Development Goals, migrant worker protection, and aid flow traceability, has numerous features that could benefit humanitarian organizations. “Real-time access to reliable information is key for organizations. At the same time, the decentralized nature of blockchain enables vulnerable populations to retain control and ownership of their data and their privacy,” says Jessica Camus, Head of Partnerships and Impact at Diginex. She adds that at a time when social services and humanitarian organizations are under pressure to provide constantly improving results in less time and with fewer resources, “organizations have to become smarter about how they use and share data.” A step forwards that blockchain could help catalyze. “However, making blockchain an integral part of procedures would require close cooperation between international organizations, the private sector, NGOs, and governments,” says Camus.

Cryptocurrencies and tokens: legal status in question

Governments are getting involved in cryptocurrency. After Sweden and China announced their plans to launch their own stablecoins, the Banque de France has just made a similar announcement, following in the footsteps of the Swiss National Bank, SDX, and the BRI. While the technological challenges involved are close to being resolved, legal and political challenges remain. Olivier Depierre, a lawyer specializing in new technologies and an expert in blockchain, explains: “There is currently a debate in Swiss and comparative law about what we already call ‘central bank digital currencies.’ In fact, last Friday the Federal Council came out against the idea of a crypto-franc for now.”

Cryptocurrencies aren’t the only subject of debate inspired by blockchain. Depierre is also interested in the latest generation of cryptographic tokens, which represent underlying financial assets (shares, bonds, etc.): “Here you have to distinguish between private law assets like shares - for which tokenization is moving fast - and structured products or collective investments, which are subject to public law and require special authorization.”

In addition to the rules on issuing tokens, token holders’ rights are a key issue in current debates: “Under Swiss law, you cannot be the owner of a cryptographic token, which is legally considered electronic data, because there are only three types of property: movable property, real property, and intellectual property.” In other words, you cannot seek legal recourse for the theft of a bitcoin. Could current property laws be changed? “That would require a major overhaul of the foundations of Swiss private law. However, we could protect the rights of token holders with a new legal regime for ‘possession’ or ‘tenure.’” A long road lies ahead.

Blockchain and deeptech: towards a post-Google world?

The internet of things, robotics, and artificial intelligence are already being linked to blockchain. 50 billion connected objects now collect terabytes of data every day, and the question of data manipulation, security, and access control is leading the way towards the convergence of deeptech and DLT (distributed ledgers technologies).

Carlos Moreira, CEO of WiseKey, one of the historic leaders in digital identity services, believes that decentralization is already under way: “In 2000, AOL was centralizing websites, before each company created its own. Here we see the same trend, but with platforms. Technologies like artificial intelligence are becoming cheaper and more affordable for businesses, which can develop them and store information in blockchain ledgers.”

Brands - transformed into 4.0 platforms - could connect via interoperable social networks, enabling them to communicate with customers and collect their data without going through Google, Facebook, or Amazon. Individuals could use a certified digital ID to identify themselves and log on to sites easily, without going through Facebook or Google. They could then authorize access to their data on a case-by-case basis while retaining full control of their choices. “This trend could challenge the business model of today’s big tech platforms,” says Moreira. “At the same time, it could also restore individual control of personal data.“

Progress in efforts to prevent counterfeiting

20 million dollars: that's how much Everledger, a pioneering company that uses blockchain to fight counterfeiting, raised at the end of summer 2019. This London-based startup founded in 2015 can guarantee traceability of diamonds and other precious stones and metals, as well as grand cru wines, using blockchain ledgers to ensure full traceability from production onwards.

Combining decentralized ledgers with other technologies enables rapid identification by consumers. WiseKey, a digital identity company, is developing a RFID chip-equipped digital certificate to serve as an electronic passport to identify a product in the blockchain ledger. Carlos Moreno, Vice President Corporate Alliances & Partnerships, explains that “this makes illicit trade difficult, because you can trace and locate it every time the chip is read and compare that information to its intended destination.”

In addition to the watch and luxury industries, other industries are seriously exploring the possibilities of this technology. Interested companies include Philip Morris International, whose VP Illicit trade and prevention, Alvise Giustiniani, will be speaking at the Geneva Blockchain Congress on January 20: “The ability to label objects - not just digital objects, but also physical ones- so they can be uniquely identified is promising. We are closely following developments in this space.”

On the congress program

Banking and finance

Banking
and finance

Healthcare and wellness

Healthcare
and wellness

Public administration

Public
administration

Supply chains and logistics

Supply chains
and logistics

Social and humanitarian applications

Social
and humanitarian

Cryptocurrencies and tokens

Cryptocurrencies
and tokens

Blockchain and deeptech

Blockchain
and deeptech

Counterfeiting

Preventing
counterfeiting