The Tel Aviv Stock Exchange (TASE) has announced it will be launching a blockchain-based platform that will enhance digital securities transactions and sharing.
TASE, the only stock exchange in Israel said that it began testing the blockchain-based solution in March and it is on course to be officially launched in November. The blockchain platform is a centralized solution that uses Decentralized Ledger Technology (DLT) of Hyperledger Sawtooth. The platform will facilitate peer-to-peer sharing of data among financial organizations which will help remove the need for further transaction reconciliation.
The TASE blockchain innovation is the first of its kind in the country. Commenting on the exchange’s strides, Orly Grinfeld, EVP and Head of Clearing at TASE said;
“The Tel Aviv Stock Exchange is proud to present this first-of-a-kind lending pool, a safe, cutting-edge, and state of the art platform. The Blockchain technology will present a new level of safety for securities lending and will support growth for transactions based on this new platform. TASE is a global financial innovation leader, and strategically pursues the technological advancement of the capital market.”
Prior to this time, there has been a huge demand for the lending ecosystem in Israel which is basically facilitated by the banks. The proposed blockchain-based platform will help to serve the teaming financial agents across the country.
Israel Churning Out Innovative Blockchain Solutions
As a viable means to tag along in the dynamic growth of global blockchain-based innovations, Israeli startups are turning out to model blockchain to meet societal needs. Among this innovation is that from an Israeli based blockchain startup that developed a new technology that could prevent the loss of funds caused by human error when sending Bitcoins or other cryptocurrencies.
As the coronavirus pandemic also raged back in March, Samsung partnered with Israel’s Credorax to launch an automated blockchain payment platform with the capability to enhance settlement solutions. The state of blockchain integration amongst Israeli institutions and blockchain enthusiasts may be enhanced with this great blockchain solution being rolled out.
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