The Israel Securities Authorities said it has started using blockchain technology to improve cybersecurity and make its messaging system, Yael, safer.
The ISA told the Times of Israel that using blockchain “adds another layer to ensuring the credibility of the information relayed” to the companies the regulator oversees. Blockchain “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.”
The blockchain system was developed by Israeli company Taldor. The ISA plans to embed blockchain in the future in two other ISA operating systems: an online voting system developed to enable investors to participate in meetings from anywhere, and Magna, which is used to record all the reports by organizations under the ISA’s supervision. Read more here.