Swiss Review 5/2019

Swiss Review / September 2019 / No.5 23 Blockchain techno­ logy: the old Gondo goldmine (VS) is now a cryptocurren­ cy-mining site – an energy-intensive operation. Photo: Keystone tended for use in pension insurance,” says Shaame. Collective operations will be created above and beyond bor- ders. Each person will be able to par- ticipate by providingwork, funding or even simply promotion. As such, a vis- itor to a site could be paid in crypto- currency. Certificate access in just one click A blockchain provides reliable and up to date information. In Geneva, the commercial register is accessible in just onemouse click via the Ethereum system. Another example would be the trade in raw materials, which in- volves a host of partners and physical documents. Ablockchainwill simplify this business. More broadly speaking, civil and commercial records andCVs could be consulted using blockchains, all via smartphone. This is the idea be- hind a solution developed by Wecan, in collaboration with the canton of Valais and a Swiss insurance company. Mountain Pro will enable a client to instantly find out whether or not a mountain guide possesses the neces- sary authorisations to practise, through verifications conducted at source using an insurance company, for example. A blockchain will also guarantee the sustainability of virtual items: for instance, EverdreamSoft of- fers the purchase of digital video game figurines to its clients. A ‘token’ de- scribes the object in full and validates the act of ownership using a code. “Blockchainwill be the notary of a new economy,” claims Shaame. Bitcoin alone, however, requires an enormous level of energy to function: 0.12% of world electricity consumption in to- tal. But this analysis fails to account for savings resulting fromblockchain on a global scale, argue some special- ists. Cryptocurrencies: the driving motor behind blockchain Exchanges take place using bitcoin or ether, currencies which are notably used as remuneration for the people who stock blockchain ledgers. Indeed, founded in 2013 in Zug, the company Bitcoin Suisse offers the purchase, ex- change and storage of its clients’ cryp- tocurrencies, of which it handles 125 types. A pioneer in Zug’s Crypto Valley, this company has seen its em- ployee numbers quadruple between the beginning of 2018 and July 2019. In 2018, it reported a net income of 43.7 million francs, according to the head of marketing, Marc Baumann. The city of Zug in fact uses a digital platform developed by Bitcoin Suisse for its cryptocurrency transactions with its citizens. For the time being, various technological and legal moni- toring reasons mean that the use of cryptocurrencies remains complex. It is for this reason that platforms such as Bitcoin Suisse offer to handle trans- fers for their clients. This is also what Facebook intends.