Switzerland has dominated all aspects of Web3 and Africa can learn from this
- Switzerland is among the few nations to embrace cryptocurrency before rejecting it
- The country is even one of the first to adopt a blockchain-based legislative framework within its healthcare industry
- Swiss State Secretariat for Economic Affairs is helping the blockchain business incubator Crypto Valley to set up a shop in South Africa
With the rise of the Web3 community globally and more so in Africa, various states and countries are in a race to dominate the ecosystem. Web3 has brought blockchain technology, cryptocurrency and the Metaverse. However, there is one nation in which Africa can learn, Switzerland. It came and swooped in, slowly dominating all three aspects of Web3.
Indeed, blockchain technology in Switzerland is at an all-time high. It has gone as far as deeming itself a crypto nation due to its widespread adoption o the technology. Upon a keen look, Switzerland has silently made significant strides within the Web3 community, and it may just dominate it under our noses.
Switzerland typically appears among the top 10 countries that are most crypto friendly. Here is a look at how Switzerland is slowly dominating all three aspects of Web3.
Blockchain technology in Switzerland
As the dawn of a new Industrial revolution is upon us, Blockchain technology is among the frontiers ushering in this new Age. What started as a digital currency component has soon isolated itself and is now ushering in a concept of decentralization applicable in multiple sectors of the globe. Switzerland saw and took advantage of this opportunity.
It all started with a few pioneering crypto entrepreneurs looking for a new way of applying blockchain technology in Switzerland. Fortunately, Switzerland’s Crypto valley soon established a worldwide reputation for its innovative blockchain ideas. Stretching outside the financial sector, Switzerland innovators have taken this new invention and expanded it.
They have applied it to different business sectors and even applied it to their health care. Within the life science industry, blockchain technology in Switzerland has taken advantage of the country’s longstanding ecosystem that has even garnered the attention of biotech companies.
The application of blockchain within databases and data analytics has led to the development of intelligent applications of various forms of therapies or the selection of patient groups. Blockchain technology in Switzerland has revolutionized how the world sees and interacts with the Web3 community.
DR Galia Kondova recently drafted a use case on PharmaLgder’s blockchain-enabled electronic products information platform that they submitted to the International Organization for Standardization(ISO). Within her documentation, she stated that blockchain technology in Switzerland had built their healthcare industry exponentially.
The country is even one of the first to adopt a blockchain-based legislative framework within its healthcare industry. She believes that projects like PharmaLedger and MedTech blockchain platforms are promising initiatives that will transform Africa but the entire Web3 community.
Verum Capital AG, a Web3 venture builder, is working with RoxPharm to fully capitalize on blockchain’s capabilities to increase the returns in Decentralized Finance. D36 is a blockchain-based industry which seeks to act as a vector to enable players in the healthcare market to use blockchain technology in Switzerland to deploy solutions in personalized medicine. All this and many more showcase Blockchain technology inSwitzerland is steadily transforming its ecosystem.
Switzerland, the crypto nation
Switzerland has dubbed itself a crypto nation due to several valid reasons. It is among the few nations to embrace cryptocurrency before rejecting it. Indeed, this shocked the entire Web3 community as the nation has promoted cryptocurrency for financial payments since 2016.
Aside from blockchain technology in Switzerland being a hot topic, its cryptocurrency application is also a hot discussion. This crypto nation is among the few African countries that categorize cryptocurrency as an asset class rather than a security. This means that the nation treats matters involving the ownership and transfer of virtual currencies in line with other asset classes like gold or property. This significantly boosted the crypto adoption of the Web3 community and influenced the aspects such as the Metaverse in Switzerland.
The Swiss Federal Railways enabled the purchase of Bitcoin at more than 1000 ticketing machines spread across the country. This allowed crypto traders to exchange amounts varying from 20 to 500 Swiss francs to Bitcoin per transaction. This is the earliest crypto adoption initiative in the world. The term Crypto Nation did not just land on their doorsteps without reason.
The Metaverse in Switzerland
This crypto nation did not stop there. As the virtual reality slowly gathered enough audience to initiate it, many turned to it for help.
Switzerland is at the forefront of these innovations as many of the pioneers of the Meta open research labs in Zurich. Meta alone hired 150 new staff in Zurich to work on the first interaction of the virtual world. A significant share f google’s 4000 Zuric-based employees are also focusing on building the Metaverse in Switzerland.
Microsoft has also had its fair share of contributions. The billion-dollar company created a Mixed Reality & AI Zurich lab. It is a 25-person laboratory dedicated to basic and applied research in computer vision. This research will significantly boost existing work’s virtual and augmented reality settings. The Metaverse in Switzerland started with a significant boom and showed no sign of slowing down.
What Africa can learn
The Web3 community has much to thank the crypto nation, and so does Africa. Despite its outstanding reputation, Blockchain technology in Switzerland has inspired many African-based startups. Swiss State Secretariat for Economic Affairs is helping the blockchain business incubator Crypto Valley to set up a shop in South Africa.
According to Switzerland, official Africa has the potential to surpass every other continent in terms of blockchain technology adoption and innovation. Some African countries may argue that the economic difference is astounding but notice countries like South Africa. The fiat currency volatility is often at an all-time high, yet Switzerland has the country’s potential.
Metaverse in Switzerland has inspired many innovators to build Africa’s first virtual reality Afrirare. However, this crypto nation will keep up for a while. The CV VC will spread its first new idea o find and fund the best startup in South Africa, Nigeria, Kenya, Rwanda and Congo.
Its approach to crypto regulations is also one to see. Unlike Africa, The crypto nation readily embraced the Web 3 Community, ushering in a new age of prosperity. Hopefully, one day the African ecosystem will emulate that.