The biggest Swiss cantonal bank is part of a group of companies that has teamed up to adapt the Blockchain software for their purposes. Zuercher Kantonalbank with this move will rival its bigger brethren UBS and Credit Suisse.
Blockchain in Switzerland is taking the step out of the «Crypto-Valley», the region surrounding Lake Zug. The Institut fuer Finanzdienstleistungen (IFZ), InCore Bank, the Inventx and ti&m IT companies, SIX and Swisscom are teaming up to adapt the technology for their own purpose.
The biggest banking partner is Zuercher Kantonalbank (ZKB).
The partners intend to approach what the big players have already being doing at the Blockchain consortium R3 in New York. The joint platform of the world's biggest banks and IT companies has recently filed a back office based on Blockchain for patent.
The joint venture also works on a prototype software aimed at the transaction of off-market securities. The companies want to speed up the deliverance and payment of securities and ideally reach a real time scenario.
The group will buy the basics about Blockchain from Ethereum, a startup based in Zug. The venture also counts on government aid as the commission for technology and innovation of the federal government is subsidizing the project.
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