Swiss company Proxeus demos blockchain solution that speeds up business incorporation

Swiss entrepreneurs face on average a six-week-long, paper-heavy process to legally register their business entity with the government. This doesn’t jibe with a generalized sense of Swiss perfection. Even though the World Economic Forum’s Global Competitiveness Report identifies Switzerland as the world’s most competitive economy for the eighth year in a row, it simultaneously pegs the country as bureaucratic. Of the 138 countries surveyed, Switzerland’s business incorporation process is the 54th-easiest to navigate and the 56th-fastest to complete.

A demonstration of blockchain technology by a company called Proxeus significantly moved the goalposts on Switzerland’s six-week process, registering a valid legal entity (“Drakkensberg AG”) with the complicated government in one hour and 37 minutes.

Sourced through Scoop.it from: www.businessinsider.de