It seems that cryptocurrencies are no longer the prerogative of investors looking to make themselves rich. Now, despite many national governments banning cryptocurrencies, there are others like Switzerland and Canada who seem to be doing the exact opposite.
Canada Uses Ethereum to Manage Government Contracts
The National Research Council of Canada recently entered into a deal with Bitaccess, a Canadian company that specializes in blockchain technology and conducted tests on using Ethereum blockchain to manage government contracts more transparently. The NRC echoed this in a recent statement: “Blockchain technology offers the best in transparency and reliability, making this technology a whole new world for organizations that strive to conduct transparent business.”
The NRC collaborates with Bitaccess for dealings with small and medium sized companies in Canada. Transactions between these companies must be transparent to the public and using Blockchain technology could easily achieve this. For the transactions, Ethereum is used and an application known as “The Catena Blockchain Suite”.
“The Catena Blockchain Suite” is a product that provides users with the ability to publish complex sets of data on either private or public blockchains using smart contracts or smart contracts combined with hardware modules.
Currently, this system has already been implemented in for other companies. Here is a summary of the role played by smart contracts put in place for another company: “These contracts provide the functions necessary to record or publish and retrieve public funding data in the Ethereum blockchain for the National Research Council.”
Switzerland Planning to Become a “Crypto-Nation”
Switzerland is another country where the use of cryptocurrency has recently been quite popular. More precisely, the affluent municipality of Zug is the hub of blockchain activities in the country. So much so that Zug has often been referred to as “Crypto-Valley”
According to the country’s Economic Minister, Johann Schneider-Ammann, “Crypto-Valley has definitely been a success and we can gain from this. Since we have had a positive experience in Zug so, we should now extend that to the nation. There is no need to stay in Crypto-Valley, Switzerland should become a Crypto-Nation.”
There have also been talks of a possible “Crypto G20 Summit”. This has mostly been initiated by France and Germany, however, Johann Schneider-Ammann has also made a hint at this, while maintaining a certain independence on that matter, by making the following statement. “We are who we are. We must want to determine our own future. We are doing our own experiments and, of course, we will make cross-comparisons with our neighbors and competitors.”
Not having to be part of the G20 and being able to maintain their own independence towards other European countries, are two reasons why many companies are looking to the new “Crypto-Nation” to set up shop.