Switzerland to become blockchain capital of the world
“Blockchain is a road to safer and efficient shipping” argues Shipnext’s Varvarenko, a shipping entrepreneur from Ukraine who invented a new crypto token
The economic minister of Switzerland, Johann Niklaus Schneider-Ammann, has laid out plans which would help cryptocurrency startups in Switzerland to get off the ground and would eventually make the country the ‘Blockchain Capital of the World.’
The country is investigating emerging financial markets different from the traditional and many start up in major cities in Switzerland are now planning to be crypto-financial centers later.
According to PwC, one of the largest auditing firms in the world, four of the ten largest ICOs in 2017 were based in the small country; the aim is to use its strong banking system, low taxes, and high education rate to make Switzerland the Silicon Valley of cryptocurrencies.
The heart of the crypto expansion in Switzerland is found in Zug, epicenter of the Crypto Valley.
Switzerland low corporate tax rate of 14.6% has lured quite a few start up which resulted in the town’s growth and a lower unemployment rate. For crypto enthusiasts, Zug has special meaning as it is where Ethereum was incorporated, and it was first location where Bitcoin ATMs were installed.
The expansion of crypto-projects in Switzerland is helping the country offset some of the losses in the banking sector they’ve seen in the past few years, since in the past decade, Switzerland has lost 20% of its banking institutions.
The Swiss financial regulatory institution, Finma, approached a few digital currency start up about the benefits of Switzerland, especially a regulatory body that is quite accommodating and willing to work with new technologies. Overall, the business and crypto-friendly environment are luring start up to Switzerland. Yet the government has backtracked a bit from fully embracing cryptocurrency and instead pivoted to promoting blockchain technology.
“Blockchain is a road to safer and efficient shipping” argues Shipnext’s Varvarenko
A new crypto token has been minted by Shipnext, led by Ukrainian’s entrepreneur Alexander Varvarekno, who in general uses 2 types of crypto-tokens: one is Ship Coin, a security token which can be bought and used, among other, to participate in the company profit; the other one is Ship Token, used for internal payments once Shipnet executes the first Smart Contract, the first Electronic bill of lading and the first ever crypto-transaction in shipping later in May.
Shipnext is a by-product on the way of the team’s plan to create a de-centralized blockchain-based supply-chain eco-system. “To do that properly, we are building a unique algorithm, which is used transform the sea-transport sector, to set a common and transparent set of rules in the old, conservative and in transparent sector knows as the shipping market. With further integration into the whole supply chain, this will lay ground for a secure, transparent and lawful eco-system” stressed the company’s CEO, who is a founder of two shipping companies, with offices in Dubai, Hamburg, Paris, Genoa, Limassol and Odessa, who used the company’s network and skills to create and launch a unique Digital Automated Blockchain-based Shipping Marketplace. In fact Shipnext uses linear programming, big-data analysis, machine learning, artificial intelligence and natural language processing for instant real-time Cargo-toShip matching; primarily for dry-bulk, general cargo and oversized goods.
“As any marketplace, it is meant for online trading. From numerous client who already joined this platform, many are interested in moving onto smart-contracts, which the company plans to introduce in May. With this they would be able to benefit from secure, reliable and paperless way of executing their shipping and transport related contracts” Varvarenko explains. “To create a de-centralized supply-chain eco-system, Shipnext plans to create an open source code in 2020, to be used as a reliable algorithm to integrate in a door-to-door logistics. Such supply-chain based on internet of things (IoT) is much needed by large international industrial and transportation group to increase efficiency, optimize resources and improve reliability of the transport infrastructure.