Israel works with Microsoft on the Blockchain


The largest bank in Israel is working with the software giant Microsoft to develop a platform based on blockchain to create digital bank guarantees.

According to the Times of Israel, Bank Hapoalim, the country’s largest bank by assets, will strive to digitize the entire paper process.

Arik Pinto, CEO of Hapoalim, said in a statement:

  • “The new process will allow Bank Hapoalim customers to receive secure documents digitally, automatically and securely, without physically entering the branch and in a very short period of time. Using blockchain technology will significantly improve the quality of customer service and the level of confidence in the banking system.”

The project is built on top of Microsoft Azure, the cloud computing service of the technology giant, which served as a hub for its work with blockchain solutions.

  • “This is the first of its kind in Israel’s cooperation in the banking sector that will provide a digital revolution, access to advanced services and a combination of technology and business needs,” said Shelley Landsmann, executive director of Microsoft Israel.

Other banks examined the new method of providing bank guarantees, which are essentially promises to cover the principal amount of the loan in the event of default by the borrower, for systems linked to the blockchain, including Westpac Bank in Australia.

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