Telecom Giant Swisscom Establishes New Blockchain Unitbr>
Swisscom, a state-owned telecommunications provider in Switzerland, has established a new subsidiary focused on blockchain.
The new blockchain unit, called “Swisscom Blockchain Ltd.,” will focus on a range of services around blockchain technology. These include enterprise-facing solutions as well as support for companies looking to launch initial coin offerings (ICOs).
Swisscom will hold a 70 percent stake in Swisscom Blockchain Ltd, with the remaining 30 percent held by its founding partners. The blockchain unit is being led by Daniel Haudenschild who was previously a partner at advisory firm EY Switzerland.
Swisscom Urs Schaeppi said that blockchain technology has the potential to revolutionize business models and ecosystems in almost all sectors by providing secure connections between all participants.
Last year, Swisscom joined the global blockchain Hyperledger Project that is being supported by over 100 companies including IBM, Intel, and JP Morgan, among others.