The Security Authority Of Israel To Use Blockchain In Enhancing Cybersecurity
October 4, 2018Times of Israel, an online newspaper, has reported that the Israel Security Authority or ISA has begun using Blockchain to strengthen cybersecurity and solve information security problems.
The government body has integrated the technology into a system labeled “Yael” whose purpose is to convey messages and information to units that ISA oversees. Blockchain technology is usually used in Cryptocurrencies.
ISA plans To Use Blockchain Technology In Other Areas
The ISA does not plan to stop with the message and information dissemination but intends to utilize Blockchain in two additional systems; a system referred to as “Magna” used for storing all the reports that ISA-managed entities files and an online voting system that helps investors to take part in ISA meetings when they are in a remote location. The online newspaper reported that the Blockchain solution that ISA is using was created by IT firm Taldor for a period of more than three months.
Blockchain is a major software platform used for digital assets globally. Many companies have used it to secure transactions and clients more efficiently. The technology is instrumental in facilitating Cryptocurrency transactions as well as allowing information to be transmitted on its network safely without any human intervention.
Blockchain Can Help In Fighting Fraud Through Communication Verification
According to the newspaper, the technology can offer great solutions for combating fraud because it can make it possible to verify whether the communication is authentic or not and it also prevents against inappropriate deletions or post-factor editing.
ISA pointed out that by embracing the Blockchain technology; it also ensures that there will be no possibility of denying that ISA sent the message. ISA also said that incorporating the technology into its information systems is consistent with its vision of promoting financial innovation.
ISA’s Information Systems Departments director Natan Hershkovitz said that the world is experiencing a growing trend, particularly in the financial sector to embrace groundbreaking and transformative technologies. He added that utilizing the Blockchain technology in the information systems of ISA makes it the first authority worldwide to protect the information relayed to the public and its authenticity and also the pioneer in the country’s public sector.
Israel And Switzerland To Share Knowledge On Blockchain Regulation
According to a report made last month, Israel and Switzerland recently decided to share their experience in controlling the Blockchain industry. Joerg Gasser, the Swiss State Secretary for International Financial Matters said that he has plans to compile a report containing the general recommendations that the Israeli government will review.
The Ministry of Finance in Israel has said that the two nations have come to an agreement to share knowledge on fintech regulation as well as strategies for Cryptos and curbing money laundering.
The move to integrate the Blockchain technology into its Israel’s security authority systems is the right direction towards ensuring a secure Israel. This year, Cryptocurrencies in Israel have grown popular as evidenced by the way it has permeated nearly every sector of the country. Both the public and the private sectors have embraced the digital currencies and Blockchain technology. Israel was recently voted as the 10th most innovative country in the world.
