The Israel Securities Authority (ISA) has begun using blockchain to augment the cybersecurity of its messaging system.
This is according to online newspaper Times of Israel.
The government regulator has embedded the technology into a system called “Yael,” which is being utilized to deliver messages and other data to entities under the oversight of the ISA.
The ISA has more plans to apply the nascent technology in two other systems, including an online voting system that allows investors to get involved in ISA meetings remotely, and a system called ‘Magna” that keeps all the reports filed by ISA-regulated entities. The blockchain solution used by ISA was worked on by IT firm Taldor.
The technology can offer solutions to countering fraud, as it can be utilized to verify the authenticity of communications, as well as guard against post-facto editing or inappropriate omissions.
ISA has remarked that the transition to blockchain “adds another layer to ensuring the credibility of the information relayed to the supervised bodies.” In addition, a blockchain system can prove or disprove that a message has been forwarded by the ISA.
Natan Hershkovitz, the director of the ISA’s Information Systems Department, said that the move to assimilate blockchain is in line with “a growing trend around the world, and in the financial field in particular, to embed innovative and revolutionary technologies.”
- Hyundai Commercial Works With IBM for Blockchain Development 15 February 2019
- SEC Begins Review of NYSE Arca’s Bitcoin ETF Rule Change 15 February 2019
- Government Involvement Key to Crypto’s Success, Says Terry Duffy 15 February 2019
- Bradesco Closes Accounts of Local Crypto Exchange and Owners 15 February 2019
- JPMorgan Chase to Introduce “JPM Coin” 14 February 2019
Blockchain4 days ago
Santander Reaches $700 Million Deal to Use IBM’s Blockchain Tech
Cryptocurrency6 days ago
Crypto Could “Challenge Any Framework,” Says Financial Stability Board
Blockchain5 days ago
Blockchain Can Make Government “Incapable of Being Bribed” Says Overstock CEO
Cryptocurrency4 days ago
JPMorgan Chase to Introduce “JPM Coin”