Israel Securities Authority Plans to Use Blockchain to Get Cybersecurity Better and TougherOctober 4, 2018
Times of Israel, a reliable online newspaper reported yesterday that ISA or Israel Securities Authority has begun to apply blockchain technology to get cybersecurity better of its messaging system.
This government regulator firm has purportedly embedded the blockchain system into a technology called Yael. This new system is utilized to transport messages as well as other essential information to public and private bodies that fall under the supervision of the Israel Securities Authority.
Israel Securities Authority has lots of projects and guidelines to put blockchain technology into practice in two other schemes; this takes account of online voting, technology which allows digital currency traders and speculators to take part in Israel Securities Authority meetings distantly. Another technology is termed Magna, which collects all the reports information filed by the regulated bodies of the Israel Securities Authority. The blockchain technology utilized by this government regulator was purportedly designed by Taldor, a renowned Information Technology company; this is according to the report Times of Israel.
In the report, the latest blockchain system Israel Securities Authority is planning to use can give tough and full-bodied solutions to offsetting and combating scam. This newest system is able to check and confirm the genuineness of communication. This also helps in securing against post-facto editing or popularly known as inappropriate erasures.
In an interview, Israel Securities Authority representative commented that the transition to this blockchain system puts in an extra layer to make sure the reliability and sincerity of the data relayed to the authorized entities. ISA rep also added that this latest technology has the ability to prove and refute that the Israel Securities Authority has delivered information.
Israel Securities Authority Information Systems Department director, Natan Hershkovitz stated that the decision to include blockchain technology lines up with an increasing trend all over the world, particularly n the financial field, to embed revolutionary and state of the art technologies.
According to the report posted a few weeks ago, Israel and Switzerland have recently decided to share their experiences on controlling the blockchain market, with Joerg Gasser. International Financial Matters of Swiss State Secretary commenting that he plans to ready a statement outlining general suggestions for appraisal by the government of Israel.
Ministry of Finance of Israel stated that Israel and Switzerland have contracted to share information on fintech directive, which takes account of principle and rule on digital currencies and fighting money laundering.