Israel`s Largest Bank Joins Forces with Microsoft

Israel`s Largest Bank Joins Forces with Microsoft

Microsoft is working in collaboration with Israel`s Bank Hapoalim on a blockchain-based platform supporting digital bank guarantees for customers.

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Microsoft is working in collaboration with Israel`s Bank Hapoalim on a blockchain-based platform supporting digital bank guarantees for customers.

Bank Hapoalim is the first Israeli bank to use blockchain technology in financial contracts, according to the bank`s statement. The project is reportedly simplifying the process of signing up guarantors, as The Times of Israel (timesofisrael.com) and cryptocoinnews.com reported.

As Arik Pinto, Bank Hapoalim’s CEO, said in a statement, the bank customers will receive security documents in an automated, digital and secure process.

The use of blockchain technology can “significantly improve” the customer`s level of trust in the banking system. This is also to improve the customer experience, as cryptocoinnews.com explained in their report.

More specifically, Microsoft will create a new tool using its Azure cloud platform.

Shelly Landsmann, CEO of Microsoft Israel, commented that the collabroative project may spark a digital revolution, while providing access to advanced services.

Landsmann added that Microsoft is supporting numerous blockchain technologies to assist the use of different types of networks on the Azure cloud platform.

As cryptocoinnews.com reported earlier, Microsoft launched its Azure blockchain service or Blockchain as a Service (BaaS) in India last year. This is said to enable blockchain adoptation in sectors like financial services, insurance and health care.

In  2015, Microsoft started working along ConsenSys, an Ethereum coder collective, to offer a blockchain-as-an-enterprise solution for Azure customers. Cryptocoinnews.com reported that this allows enterprise users on Azure to access Ethereum Blockchain-as-a-Service (E BaaS).

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