The Israel Securities Authorities recently revealed that they are trying to lower cybersecurity risk by using blockchain technology. The country’s office has already started using blockchain to fulfill the information security challenges.
Israel has embedded the technology behind the cryptocurrency Bitcoin (BTC) in one of its system called Yael. The government agencies from Israel are using it to send messages and information to the bodies that come under its regulations. Israel is thinking of adding blockchain in two more systems in the coming days. Firstly, the country will add it into its online voting system which will be developed by the ISA. It will enable the investors to take an active part in meetings from any part of the world.
In the second step, the country will add blockchain in the Magna system which Israel uses to keep records of all the reports collected by the government bodies under the supervision of ISA. Taldor, an IT company, developed this blockchain-enabled solution in the last three months.
ISA stated that with this move to lower cybersecurity risk, it wants to add one more layer to make sure that the information relayed to the top-level bodies and officials is credible.
” The technology verifies the messages’ authenticity, prevents fraud, and prevents them from being edited or deleted. Additionally, the system prevents the option of denying that a message was received from the ISA”, according to the Times Of Israel, the organization further added,
The technology will verify the authenticity of the messages, thereby preventing fraud and editing and deletion of information. ISA stated that its decision to embed blockchain technology in its information system is in tandem with the organization’s vision to promote innovation in the financial capital market.
Even though ISA is keen to use blockchain for lowering cybersecurity risk, when it comes to using cryptocurrencies, the regulator is treading very cautiously, said Coindesk. In March this year, ISA banned companies primarily investing, holding or mining virtual currencies from getting listed on the Tel Aviv Stock Exchange. High volatility is the prime concern for ISA due to which it took the necessary steps so that the passive investors are protected.
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