Swisscom sets up blockchain unit to develop apps in Switzerland

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The logo of Switzerland's Swisscom telecommunications is seen at an office building in Zurich, Switzerland November 22, 2016. REUTERS/Arnd Wiegmann

ZURICH (Reuters) – Swisscom (SCMN.S) is establishing a new blockchain unit to develop applications, including for possible solutions to enable off-exchange trading, the Swiss government-owned phone company said on Thursday.

Swisscom will hold a 70 percent stake in Swisscom Blockchain Ltd, with the remaining 30 percent held by its founding partners. Daniel Haudenschild is moving from EY to Swisscom to head the unit.

Blockchain technology maintains a record of transactions through a network of computers rather than one centralized authority, and was first conceived as a way to trade the digital currency bitcoin.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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