Wednesday, February 19, 2020

Israel’s Securities Regulator Upgrades Cybersecurity with Blockchain

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The Israel Securities Authority (ISA) is quietly integrated blockchain technology within its internal systems providing certain information for reports and information to competent authorities under its competence.

The ISA, Israel’s national securities regulator, is carrying out the implementation after already embedding a platform dubbed Yael, used by the government agency to communicate and relay information to supervised institutions, The Times of Israel reported.

The blockchain rotation will add another layer to ensure the credibility of the data supplied under surveillance bodies, the ISA explained .the blockchain will ensure the authenticity of origin reports because it will be preventing them from being edited or deleted. In addition, regulated authorities won’t be able to cite ignorance about the reception of a message after the submission of the ISA.

The IT Taldor developed platform took three months to be built by this Israeli based tech giant.

Natan Hershkovitz, director of the ISA’s Information Systems Department stated: “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”.

Beyond shoring up its security framework for messaging, the ISA is also looking to implement the decentralized technology in an online voting system that enables shareholders of listed companies on the exchange to vote online, without needing to actually be present in shareholder meetings.

In another application, the ISA was also revealed to integrate decentralized technology into its Magna platform, which records all reports submitted by institutions under the ISA surveillance.

Decentralized e-vote, in particular, has already been tested and implemented in other markets and sector. In early 2016, Estonia blockchain e-residence platform launched a blockchain e – vote service on the stock exchange for companies listed on the Estonian stock exchange.

Later this year, Abu Dhabi securities exchange (ADX), also launched an e-voting platform for the period of the general meetings to use it from the world through a mobile application.

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