On October 3, Times of Israel reported about the announcement of the Israel Securities Authority (ISA) to use blockchain in order to improve the cybersecurity of its messaging system.
The system called “Yael” is adopting the blockchain technology for delivering messages and information to institutions operating under ISA. Behind the development process of the ISA’s blockchain system is one of the Israel’s leading technology firms –Taldor.
In the interview with Times of Israel, the director of the ISA’s Information Systems Department, Natan Hershkovitz stated:
“We are witnessing a growing trend around the world, and in the financial field in particular, to embed innovative and revolutionary technologies.”
He then added: “Implementing blockchain technology in the ISA’s information systems makes it one of the global leading authorities in securing the information provided to the public and its credibility, and one of the leaders in Israel’s public sector.”
Furthermore, ISA is planning to use blockchain also in two other systems, such as “Magna” – a storage system for all the ISA-regulated organisations and their filed reports. The other system adopting the technology is an online voting system enabling investors to be part in the ISA meetings.
Blockchain technology is to play a mayor role when it comes to creating solutions to strengthen the cybersecurity level and decrease the risks of fraud, as it can’t be post-facto edited and it can be used to verifying the authenticity of publications, and like in this case – messaging.
Author: Sarah Tuuli