For the first time, Blockchain technology has been implemented in the information systems of the Israel Securities Authority. It will serve the general public and supervised bodies.
In the first stage, the technology was integrated in the Yael system, which was developed in order to convey information and messages sent out by the ISA to the supervised entities. In the next stage, the technology will also be integrated in the “Hatzba-Hon” voting system which was developed by the ISA in order to allow investors to actively participate in investors meetings from any place in Israel and over the world. At a later stage, it is planned that the technology will also be implemented in the Magna system, which is used to publish all of the electronic reports filed by the supervised entities.
Blockchain technology in the Yael system adds an additional layer to the security of information conveyed by the ISA to the supervised entities. The technology confirms the authenticity of the messages, prevents fabrication and prevents the messages from being edited or erased. In addition, the system prevents the possibility of denying that messages were received from the ISA.
The incorporation of the technology in the ISA’s information systems is aligned with its vision of nurturing financial innovation in the capital market and the adoption of technologies related to financial services and products, by means of creating a regulatory innovation hub in the domain of Fintech. The installation of the application lasted three months and was carried out by Taldor corporation.
Natan Hershcovitz, director of the Information Systems Department at the ISA: “We are witnessing a growing trend toward incorporating of innovative and pathbreaking technologies in the financial industry and in general. The implementation of Blockchain technology in the ISA’s information systems positions it as one of the leading government authorities worldwide in the security and reliability of information conveyed to the public and as one of the leaders in the public sector in Israel.”