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.”
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