Blockchain, the technology that facilitates bitcoin transactions, is the focus of research projects and continuing and executive education programmes at the Lucerne University of Applied Sciences and Arts. By accepting the bitcoin cryptocurrency, the Lucerne University of Applied Sciences and Arts is indicating its ability to disseminate knowledge on cutting-edge technologies such as blockchain, as well as its desire to gain experience in the practical aspects of this novel area.
The Lucerne University of Applied Sciences and Arts does not transact directly in bitcoins; instead, it has contracted Bitcoin Suisse AG to transact cryptocurrency business on its behalf by means of a payment system that resembles an e-banking portal. This allows the Lucerne University of Applied Sciences and Arts to accept bitcoins without actually having possession of them. The payments are converted into Swiss francs once a week, or daily if a CHF 10,000 threshold is reached. Bitcoin Suisse AG bears the risk of any exchange rate losses and currency fluctuations.
The end customer incurs a payment fee of 1%. This means that the Lucerne University of Applied Sciences and Arts is sheltered from exchange rate losses and currency fluctuations. The Lucerne University of Applied Sciences and Arts is anticipating that few payments will be made in bitcoin – at least to start with. Those most likely to avail themselves of this opportunity will either be already familiar with the concept of financial services and blockchain or interested in pursuing continuing and executive education opportunities in this subject area.
