Israel’s securities regulator has launched a blockchain-centered messaging system in a bid to improve security.
As reported by The Times of Israel, the Israel Securities Authority (ISA) introduced Wednesday that the tech had been rolled out originally throughout its “Yael” platform, which the company makes use of to talk with entities below its jurisdiction.
The Times implies that the blockchain integration has been made in recent months by Israeli cybersecurity agency Taldor. By utilizing an immutable blockchain technology, the company aims to confirm the authenticity and provenance of messages, as properly as avert fraud by blocking communications from currently being altered.
The ISA is quoted as expressing that the integration presents an further layer “making sure the credibility of the details relayed to the supervised bodies.”
Going forward, the ISA also aims to integrate blockchain in two other programs – an online shareholder voting platform made by the ISA and a regulatory doc archive identified as Magna.
Natan Hershkovitz, director of the agency’s Information Devices Section, mentioned:
“Implementing blockchain technology in the ISA’s details programs would make it a person of the global main authorities in securing the details offered to the community.”
Even though the regulator – like similar entities globally – is naturally marketed on the benefits of blockchain, it has been additional cautious when it comes to cryptocurrencies.
Again in March, the ISA banned companies that principally maintain, invest in or mine cryptocurrencies from listing on the Tel Aviv Inventory Trade. Citing significant volatility in the marketplaces, the company mentioned it was guarding passive buyers with the transfer, due to the fact their portfolios observe the bourse’s indices.
With Israel becoming a thing of a hotbed for crypto and blockchain startups, even so, the regulator has found suit to launch direction on what tokens it would class as securities.
Also introduced in March, the ISA mentioned at the time it would evaluate new tokens on a scenario-by-scenario foundation, and that it would enable use scenarios such as utility and payments to be categorized outdoors the securities box.
Israeli flag picture through Shutterstock