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Cognizant in the News

ECommerce Magazin, Germany: Cognizant’s Head of Business Consulting in DACH Says Zug’s Acceptance of Bitcoin is an Example for German Companies to Rethink Business Processes

“The Swiss city of Zug announced that it will accept the digital currency Bitcoin. This means Zug is the world’s first city where a public authority accepts Bitcoin as payment method,” says Michael Rundshagen. “Citizens of Zug can now make payments of up to 200 francs with the digital currency for public services such as paying the fees for the registry office.The region is already known as ‘Crypto Valley’ and more than 15 companies focused on digital transformation within the finance industry have already settled around Zug.” Excerpts:

“Zug sends out a clear signal that it is open to new ideas and to digitization. Today, many organizations are turning into digital enterprises and Zug offering Bitcoin as a payments method combined with Blockchain technology is a good example for German companies to rethink how various business processes might work more efficiently going forward.

Innovation in fintech is key to differentiation and the potential of Blockchain technology is enormous. In a recent survey on the payment landscape in Europe, respondents identified crypto-currencies and Blockchain technology as the true drivers for change.

Although questions around governance, technology and regulatory frameworks are still waiting for an answer, now is the right time to explore the opportunities Blockchain can provide. Maintained by a network of distributed independent communicating devices, it offers a single source of truth for financial and non-financial transactions without any trusted central authority. It holds significant promise in helping financial services organizations minimize counterparty risks, speed up settlements, improve contractual performance, and enhance regulatory reporting.

Companies across various sectors, not only in the financial services industry, should not wait too long to familiarize themselves with Blockchain technology. As you can see, the Blockchain train has already started rolling.”

Click here to read the article in German.

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