Israel’s Securities watchdogs have started a Blockchain-based messaging system in a bid to enhance security.
According to a report by Times of Israel, the Israel Security Authority (ISA) declared on Wednesday that the tech had been implemented across its ‘Yael’ platform, which the agency uses to communicate with entities under its jurisdiction.
The Times of Israel shows that the blockchain integration has been developed in recent months by Taldor a cybersecurity firm. By implementing an immutable blockchain technology, the agency goal is to verify the authenticity and provenance of messages and avoid frauds by restricting communications from being altered.
The ISA is quoted as saying that the integration gives an extra layer “assuring the credibility of the information sent to the supervised bodies.”
Going ahead, the ISA further aims to integrate blockchain in two other system an online shareholders voting platform created by the ISA and a regulatory document archive called Magna.
Director of the agency’s Information Systems Department stated:
“Implementing blockchain tech in the ISA’s information systems makes it one of the leading global authorities in securing the information given to the public.”
While the regulators like similar entities worldwide – is indeed sold on the benefits of the blockchain, it has been more careful when it comes to digital currencies.
In March, the ISA prohibited companies that primarily hold, invest in or mine digital currencies from listing on Tel Aviv Stock Exchange. Quoting high volatility in the markets, the agency stated it was guarding passive investors with the move as their portfolios track the bourse’s indices.
With Israel becoming something of a hotbed for blockchain and cryptocurrency startup, although, the regulator has seen fit to publish guidance on what tokens it would classify as securities.