Blockchain Cybersecurity Solutions Explored By Bank Hapoalim, Israel Aerospace Industries

Announcements, Blockchain | January 4, 2018 By:

Israel’s Bank Hapoalim is collaborating with Israel Aerospace Industries (IAI) to explore the potential of blockchain technology for innovative cybersecurity solutions.

Bank Hapoalim is Israel’s largest bank and has a significant presence in global financial markets. In Israel, it has over 600 ATMs (automated teller machines), 250 bank branches, 7 regional business centers, 22 business branches and industry desks for major corporate customers. The bank’s stock is traded on the Tel Aviv Stock Exchange.

Israel Aerospace Industries, wholly owned by the government of Israel, is the nation’s prime aerospace and aviation manufacturer. It produces aerial and astronautic systems for both military and civilian usage. IAI designs and builds civil aircraft, drones, fighter aircraft, missile, avionics, and space-based systems. It also manufactures military systems for ground and naval forces. Many of these products are specially suited for the Israel Defense Forces (IDF) needs, while others are also marketed to foreign military.

The collaboration is aimed at finding ways to better secure clients and transactions using blockchain technology. The companies will be conducting a joint research to examine how the technology can be used for developing new cybersecurity solutions. The research will focus on developing blockchain solutions in areas including secure transmission of information between services and supply chains, user authentication, the protection of critical devices that run without human intervention, and other cybersecurity challenges.

“Hapoalim invests heavily in cybersecurity as part of its strategy to provide the most efficient and innovative services with strong focus on information security,” said Arik Pinto, CEO of Bank Hapoalim.

“The collaboration with Bank Hapoalim is part of IAI strategy to tighten its grip as a leading cyber player in Israel and globally,” said Joseph Weiss, CEO of IAI. “The new collaboration will help us develop into high-potential areas, such as blockchain technology.”

The joint research with IAI is the second collaboration announced by Bank Hapoalim regarding the use of blockchain technology. In September of last year, the bank teamed with Microsoft to develop a blockchain platform to create digital bank guarantees.