The head of Switzerland’s Department of Economic Affairs believes that the blockchain technology will become bigger than internet.

Ammann highlighted that Switzerland has already became a leader in blockchain technology. Switzerland is a very supportive country regarding the cryptocurrency field. A few days ago, at the Crypto Valley Conference in Zug, Ammann declared that he thinks that WWW have been created in Geneva, Switzerland.

“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 full of examples of what happens when the train speeds off in a different direction,” Ammann noted.

Switzerland as a Crypto Nation

Ammann also added that the people were skeptic about his optimistic attitude regarding the cryptocurrency market and the blockchain technology area.

Ultimately, the blockchain technology has developed.  Ammann had a relaxed attitude seeing that Switzerland has accepted the idea of cryptocurrency and blockchain.

 

Ammann stated:

“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 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, like blockchain is doing today.“

In the last years, the cryptocurrency market has grown with billion of dollars. Since 2016, some experts suppose that banks have spent more than $2 billion for improving the blockchain.

Even if blockchain has developed a lot, there are still problems that developers of blockchain must resolve. One of the most important problems is the cryptography. The developers of blockchain have introduced solutions for Ethereum to have million transactions per second.

“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,” Ammann said.