Microsoft is working along Israel`s Bank Hapoalim on a platform that issues digital bank guarantees that rely on Blockchain technology.The coopera
Microsoft is working along Israel`s Bank Hapoalim on a platform that issues digital bank guarantees that rely on Blockchain technology.
The cooperative agreement maked Bank Hapoalim the first bank in Israel to use Blockchain technology for financial contracts, as the lender said in statement quoted by The Times of Israel (timesofisrael.com).
The regional media reported that Microsoft will develop a new tool using its Azure cloud platform. Bank Hapoalim, on the other hand, is working with other entities like the Bank of Israel to update the regulatory reuirments, so that the technology can be used, as the statement added.
“This is the first collaboration of its kind in Israel in the banking sector that will enable a digital revolution, access to advanced services and the combination of technology and business needs.”, as Shelly Landsmann, the CEO of Microsoft Israel said as quoted by The Times of Israel.
“Microsoft is currently supporting a large number of Blockchain technologies that enable the deployment of different types of networks, depending on the system and the business needs, on the Azure cloud platform.”, as she elaborated in her statement.
In 2015, Microsoft reportedly announced it is working in collaboration with ConsenSys, an Ethereum coder collective that introduced a blockchain-as-an-enterprise solution for Azure customers, as cryptocoinnews.com wrote. The two companies signed a pact to allow enterprise users on Azure to access Ethereum Blockchain-as-a-Service (E BaaS), as the report explained.
Arik Pinto, Bank Hapoalim’s CEO, said in a statement that bank customers will receive security documents in an automated, digital and secure way that can improve the customer`s level of trust, as cryptocoinneews.com reported.