Swiss University ZHAW and Swisscom Launches E-Signature

Swiss University ZHAW and Swisscom Launches E-Signature

Smart contracts are on fire. Following the Italian Senate’s move to approve smart contracts and digital validation, Switzerland telecom company Swisscom and Swiss University ZHAW developed e-Signatures, according to financial news outlet Cash.

An interdisciplinary team of lawyers and engineers from ZHAW worked with Swisscom to build a prototype for an Ethereum-based smart contract platform that can control assets transfers.

As a matter of framework, a qualified electronic signature is needed to validate e-documents instead of the handwritten signature, something that was not possible previously and it prevented secure transactions with blockchain technology.

In this line, smart contracts replace signatures. “This is particularly important for Switzerland,” Professor Harald Bärtschi said, “as we have a mandatory written form for the transfer of claims and similar rights, and so far it has often been doubtful whether transfers on blockchain are legally binding.”

“The solution combines the advantages of the decentralised blockchain infrastructure with the high security and trustworthiness of the certified signature,” Bärtschi added.

Smart contracts are in the spotlight these days as governments and private companies are looking for blockchain validations and implementations for legal transactions.

As the Cash article said, “signatures are not only supported in accordance with Swiss requirements, but also according to the eIDAS Regulation of the European Union. “This opens up a multitude of international applications,” Peter Amrhyn was quoted by Swisscom in the statement.

Last week, the Italian Senate proposed a change of rule to allow “the use of smart contracts for legal effects and electronic time validation referred in the European regulation number 910/2014,” as reported by Cryptimi.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

CFD Trading Platform,eToro,Trading

eToro Lowers The FTD Minimum Across Several Countries

eToro, the social trading and multi-asset platform, has decided to lower the minimum first time deposit, or FTD. Until further updates, users who sign up today using the link below will be able to fund their trading account with as little as $50. This offer is only valid to users in selected countries. To participate […]

24 September, 2021
ChangeNOW,Cryptocurrency,Investment

ChangeNOW Launches The NOW Tracker App

The young, but fast-growing online cryptocurrency exchange, ChangeNOW, has just announced the release of its latest product. The NOW Tracker is a free asset management app that lets users keep track of their coins and tokens across different wallets. Available on Google Play and the App Store, NOW Tracker is flexible and functional. This solution […]

9 September, 2021
eToro,Investment,Trading

eToro Becomes An Official Partner Of RB Leipzig

The world’s leading social investment network, eToro, has recently announced a new and exciting partnership. According to an announcement on eToro’s Twitter page, the company has become the latest partner of the German football team, RB Leipzig. A two-year partnership agreement has been signed between the parties. Running until 2023, this agreement can be extended […]

24 August, 2021
Binance,Bitcoin,token

PSG’s Messi To Receive Part Of His Salary In Cryptocurrency

The Argentinian footballer, Lionel Messi, has made headline news several times in the past few weeks. Following his surprise departure from FC Barcelona, the player confirmed that he will be joining Paris Saint-Germain FC. The move was significantly newsworthy but got even more interest when it was announced that part of the footballer’s salary will […]

23 August, 2021
Blockchain,Casino,Ethereum

KingTiger Casino Announces Shut Down

KingTiger Casino has announced that it has ceased all operations until further notice. According to its website, the casino has had to “temporarily close” due to Ethereum network congestion. It is not yet clear if and when this online Bitcoin casino will reopen. Registered players can still access their wallet and withdraw their funds. A […]

12 August, 2021
Binance,Casino,Cryptocurrency

CryptoCasino Announces Temporary Close

CryptoCasino has stopped operating until further notice. According to a landing page on their website, the casino is undergoing an update. There is no information about when the casino will reopen or the reason why an update required the website to shut down temporarily. Players who hold a crypto wallet account with CryptoCasino need not […]

11 August, 2021
Binance,Bitcoin,SEPA

Binance Suspends SEPA Inward Payments Until Further Notice

Binance Suspends SEPA Inward Payments Until Further Notice Binance has just announced that it has temporarily stopped all incoming SEPA payments. As a result, users will no longer be able to deposit euros using the primary European payments network. The world’s largest cryptocurrency exchange did not provide any specific information regarding the reason behind this […]

12 July, 2021
Bitcoin,Cryptocurrency,Investment

Why are Crypto Holders Worried of Declaring Their Ownership?

Cryptocurrencies have been popularly regarded as the future of finance globally. Investing in virtual coins has become a lot easier than it was a few years ago with the evolving crypto industry. Over the last few years, Bitcoin has caused a lot of buzz in the market. It has established itself as the de facto […]

8 July, 2021