Israel Security Agency is using Blockchain technology to meet securities information securities challenge. They are embedding in the ISA’s systems called ‘Yael’. Yael is the government agencies that deliver information to bodies under its regulation reports The Times of Israel.
Natan Hershkovitz, director of an ISA’s Information Systems Department wants to move with a revolution and trend of the blockchain. However, they are looking to embed this into their securities technology as well. The ISA hopes to provide an extra layer to protect the information and further quotes,
Implementing blockchain technology in the ISA’s information systems makes it one of the global leading authorities. This secures the information relating the public and its credibility, and one of the leaders in Israel’s public sector.
However, the messages hence sent will be safe. Also, says that “The embedding of technology in an ISA’s information systems is in line with its vision to promote financial innovation in the capital market.”
Meanwhile, this system came into existence by an IT company- Taldor. It further reports saying that this technology will be put into use for two other systems:
Online voting system, “Etsba-on”
This will help investors to actively participate in meetings from anywhere. ISA is behind this system as well.
Employing blockchain in Magna
This will allow ISA to record all the reports of the bodies under its supervision.
Although the ISA might be adopting the blockchain technology, it has been fierce when it comes to cryptocurrencies and has tried to protect the investors. Earlier this year, the ISA bans companies holding or investing in cryptos to get on the Tel Aviv Stock Exchange listing. This was mainly due to the high volatility risks involvement. Additionally, to protect the investors as a result.
However, the stance on cryptocurrencies and blockchain technology has clearly taken the shape. Moreover, this has been in action after the introduction of new technology. Blockchain technology can be partially given the credits for a change in leadership.
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