The Swiss crowdlending platform Swispeers, announced on Thursday that will be using blockchain technology in order to improve the way it brokers loans to companies. The information has been released by Swisspeers on its official website. Besides that, the company will introduce different tokens as a currency of valuation.
Swisspeers Works with Blockchain Technology
Swisspress is a company that is located in the northern city of Winterthur, and it specializes in loans to small and medium sized companies. The main difference is that now; this enterprise will start to use blockchain technology to register the transactions. Ethereum’s blockchain will be used to register the transactions that the company makes to give other enterprises the loans required.
Ethereum is a platform that allows the individuals and enterprises that use them to create Smart Contracts. Smart contracts are used by many businesses all over the world in order to enforce the negotiation or performance of a contract.
The company wrote on its website:
“Companies need financial resources for their development. Investors are looking for meaningful investment opportunities for their money. On the Swisspeers online marketplace, companies with financing needs meet investors with investment needs. Convenient, simple, transparent, and fair for both sides.”
This offering comes as one of the first steps into the transactions business performed with cryptocurrencies. Swisspeers is booking the relevant number of tokens into their respective Ethereum wallets.
It is important to clarify that; the enterprise will still make the payments in Swiss francs and not in cryptocurrencies. By using blockchain technology, the company expects to reduce transaction times, improve the security of the payments, reduce the fees paid per transaction, and increase user’s satisfaction in the overall process.
Different enterprises all over the world are starting to implement blockchain technology to improve their services, products and other processes. Moreover, not only financial institutions are using distributed ledger technology. Governments, educational institutions, health care services, retail stores, and many other businesses are benefiting from the new improvements in the blockchain technology industry.
Image Swiss Financial Startup