IBSA's innovation runs through blockchain as well09 December 2021
IBSA has joined the 3Achain project, the new blockchain promoted by the City of Lugano (CH) as part of the urban laboratory Lugano Living Lab’s activities. As a partner of this initiative, IBSA is offering its People’s skills and expertise and its own IT server to host an infrastructure node, to the City of Lugano. A blockchain is a set of technologies capable of recording transactions in a chain of single blocks where memory and proof (purchases, contracts, agreements, etc.) of each operation are saved. The peculiarity of this technology is that every transaction run by a decentralised network is verified, making this type of digital exchange immutable, and therefore stable and secure. The City of Lugano has decided to promote the generation of a private, institutional and non-profit blockchain with the aim of providing an Authoritative, Accountable and Accessible service (hence the name 3Achain) that companies, academic and public institutions, and researchers can benefit from.
“IBSA Group's adhesion to the 3Achain project is a milestone that we particularly appreciate, both for the contribution that such a trustworthy company of its caliber can bring within the Network, and as a concrete example of innovative vision of an organisation rooted in the territory, and which is committed to having a positive impact on the City of Lugano and our entire region,” states Robert Bregy, Municipal Secretary of the City of Lugano. "We are happy to count on the expertise of IBSA Group, the first pharmaceutical company backing 3Achain, to expand this project even further. We are convinced that potential for mutual development is enormous.''
With this project, the City of Lugano aims to spread knowledge and a broader understanding of this technology, making it concrete, tangible and accessible. Energy consumption is, in fact, one of the main limitations of blockchains. Lugano wanted to overcome this obstacle with the creation of an institutional network that could record and protect transactions and be energetically sustainable. In addition, this solution reduces the expense commissions paid by citizens and traders, and it allows the evolution from a “validation algorithm” to an “authority algorithm”. The excellent reputation of this project’s partners, including IBSA, is in fact what enables the blockchain to operate without onerous IT controls, which is generally at the root of this technology typical high energy consumption. There are many possible beneficial outcomes for those who will rely on these advanced and innovative services. For example, IBSA will be a node for validating economic transactions relating to purchases made at affiliated merchants, using the MyLugano APP and the LVGA virtual currency.
Giuseppe Bungaro, Head of Information Technology of IBSA Group, says: “3Achain perfectly embodies the concepts of sustainability and innovation, which are the cornerstone of IBSA’s philosophy. It is an honour for us to place our infrastructure and expertise at the disposal of the Community and the City of Lugano, in the spirit of collaboration that has always distinguished us. We believe that this initiative represents a further, important demonstration of the solidity and integrity of our company, and we are very proud of this partnership.''