The Israeli stock exchange Tel Aviv Stock Exchange will use the blockchain in the future. Together with Accenture and The Floor, the exchange is currently working on a blockchain solution. They want to optimize trading in securities.
Bitcoin, no thanks – Blockchain, yes please! As in so many other countries, in Israel – at least on the stock market – the blockchain technology is positive. While the tax authority has been beating Bitcoin trading for quite some time, including searching social media channels to find merchants, the Tel Aviv Stock Exchange is currently considering a blockchain solution to streamline its financial processes.
The Israeli securities exchange wants to develop a credit platform, according to the press release. By eliminating middlemen, the use of blockchain technology is designed to help streamline operations within the exchange. In addition, the trading of securities should be safer in the future. The basis for this will be the Hyperledger protocol:
“Blockchain technology will provide a new level of security in securities trading and increase the growth rate of transactions. There is no doubt that the Tel Aviv Stock Exchange is now more than ever at the forefront of innovation in the financial sector. “
says Ittai Ben-Zeev, CEO of Tel Aviv Stock Exchange.
Tel Aviv Stock Exchange and Accenture want to use Smart Contracts
The technical development will be provided by Accenture. First and foremost, they want to use Smart Contracts for the planned platform. This is to ensure the automatic execution of the guidelines within the platform.
“We look forward to offering our expertise and capabilities in the blockchain, financial market and fintech ecosystem to this extraordinary collaboration. This project will help Tel Aviv Stock Exchange find an innovative end-to-end solution for their business, security and technology needs under a powerful new paradigm, “
says Jacob Bendita, Managing Director of Israel Accenture.
The Tel Aviv Stock Exchange is privately organized. It involves 12 Israeli banks, 3 foreign banks and 13 brokers.
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