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 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.
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.