Israel Securities Authority Deploys Blockchain In Its Work
The Israel Securities Authority (ISA) has integrated a blockchain-based messaging system in order to avoid data leakage, The Times of Israel reports.
Initially, the financial regulator deployed blockchain technology on the Yael platform, which is used for communication with organizations under its jurisdiction. For several months, Taldor, a company which deals with cybersecurity issues, has been working on the application of blockchain.
ISA employees are now able to verify the authenticity and origin of the messages with the help of the distributed ledger technology (DLT), and all the information is protected from potential fraud attacks.
The plans of the regulator encompass blockchain application into two other systems. One of them deals with the voting procedure among shareholders, and the other one, Magna, operates recording of legal documents.
The blockchain introduction into the ISA information systems makes the organization one of the most authoritative in ensuring the information security provided to the public worldwide, Natan Hershkovitz, director of the ISA Information Systems Department, stated.
While paying heightened attention to blockchain and by considering it a perspective technology, the ISA is still wary of cryptocurrencies. Back in March 2018, the regulatory body banned the listing of companies which provide cryptocurrency exchange services on the Tel Aviv Stock Exchange in an effort to protect investors.
As previously reported, the Brazilian Securities Commission authorized the funds to invest in crypto assets via foreign platforms.