Proxeus, IBM Register A Business On Blockchain In 'Record Setting' Time

Blockchain workflow engine and generator Proxeus and technology company IBM Switzerland have shown how to register a Swiss startup entirely on Blockchain in a "Fraction" of the time traditionally required as part of their entry in the digitalSwitzerland challenge, Proxeus told Cointelegraph.

Proxeus, described as the "WordPress for Blockchain," raised $25 mln in two days during their mid-February Initial Coin Offering for their XES token.

The company aims to make Blockchain technology accessible to the public, as users without any programming knowledge can use drag-and-drop tools to create their own Blockchain applications.

IBM also recently released a beta version of a "Cheaper" Blockchain starter plan for small businesses.

The idea for Blockchain company registration came after Switzerland was ranked 54th and 56th respectively for the time and number of steps to start a business in a World Economic Forum ranking of 138 countries, due to an excess in both the number of players involved and the physical paperwork required.

This is achieved by using the IT systems in the bank and commercial registry already in existence with the Hyperledger Blockchain and a smart contract, meaning that "Key steps can be processed instantly," resulting in a "Record setting achievement" of time for registration.

The Hyperledger Blockchain has recently been used for a medical records Blockchain pilot program and SWIFT's Blockchain pilot for bank-to-bank transfers.

Antoine Verdon, cofounder of Proxeus, said that the company joined the challenge - which aims to implement "Innovative concepts and crazy ideas" in Switzerland - because it "Offered a perfect proof of concept for Proxeus:".

Proxeus and IBM also worked with Canton Zug, Swisscom, VermögensZentrum, and notary firms Grunder Rechtsanwälte, Kaiser Odermatt & Partner, Zwicky Windlin & Partner on the digitalSwitzerland challenge.

"This is what Proxeus has been working towards. What we demonstrated today is that without any legislative change, traditional paper-driven, highly iterative processes can be transferred to the [B]lockchain securely and effectively, increasing efficiency and dramatically lowering costs. But incorporating a company is only the first step: by tokenizing company shares and connecting them with crypto-identities, we will be able to automate entire areas of corporate law and financing."