World Economy

Blockchain Technology Can Make Same Impact as Internet

Blockchain Technology Can Make Same Impact as InternetBlockchain Technology Can Make Same Impact as Internet

The head of Switzerland’s Department of Economic Affairs believes that blockchain technology will make a global impact on the same scale as the internet.

Johann N. Schneider-Ammann indicated that over the past few years Switzerland had evolved into a leader in blockchain technology and that he intends to provide continuing support for the sector and companies that operate within it, Cryptodisrupt reported.

During a speech at the Crypto Valley Conference in Zug, Ammann said: “Switzerland is a global leader in terms of this new technology and its economic application. We would do well to continue at pace, instead of laying the right tracks after the moment has passed. History is littered with examples of what happens when the train speeds off in a different direction.”

Ammann pointed out that although the birth of the Worldwide Web occurred in Geneva, the lion’s share of the development work was done elsewhere due to “impractical policies and insufficient developments.”

No stranger to criticism for his openly optimistic stance on cryptocurrency and blockchain, Ammann commented–“In January, I said that if the experiences in Zug were positive, then in a few years’ time the whole of Switzerland should be a crypto or blockchain nation. That won me plaudits, but also a fair amount of criticism. But I think: there is no reason for the latter.

“The fact that Switzerland is today a global leader in high-tech industries and in pharmaceuticals is seen as normal. It is easy to forget that these sectors too once started out with previously unknown technologies and services like blockchain is doing today.”

The importance of blockchain projects realizing their long-term visions and commercializing the technology is not lost on Ammann, although he recognizes that this won’t be accomplished overnight.

“No one really knows if some of the rather hopeful growth forecasts for blockchain-based services and products will actually materialize. But hardly anyone still doubts that blockchain will penetrate our entire economy. What is clear is that we currently know far too little about the new technologies, their potential and their risks.”

For years Zug has been recognized as the blockchain capital of the world due to its friendly regulations, and Ammann’s speech confirms that this will continue to be the case.

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