On January 4, 2018, Israel's largest bank, Bank Hapoalim, announced that it will work together with the cybersecurity wing of Israel Aerospace Industries (IAI) to test the mettle of blockchain-based defense systems.
The state-owned bank brings expertise with financial data to the table, alongside IAI's relative capabilities to protect against cyberattacks. Together, the banking and aerospace giants will expand their understanding of blockchain technology for enterprise-level use.
Among other facets, the project will focus on secure supply chain data transmission, user verification, and automation.
Arik Pinto, CEO of Bank Hapoalim, expressed that the institution isn't afraid to spend money to bolster security. "Hapoalim invests heavily in cybersecurity as part of its strategy to provide the most efficient and innovative services with strong focus on information security," said Pinto.
While the bank will benefit from enhanced security, which will provide a better means of communicating to its customer base, IAI also stands to be rewarded by developing an innovative blockchain-powered solution.
"IAI has defined cyber as a strategic growth engine with massive investment in cyber R&D," said IAI CEO Joseph Weiss as he described the combined efforts of the bank and his company. "The collaboration with Hapoalim is part of IAI strategy to tighten its grip as a leading cyber player in Israel and globally. The new collaboration will help us develop into high-potential areas such as blockchain technology."
Bank Hapoalim is no stranger to exploring blockchain systems to deliver better results. In September 2017 it partnered with Microsoft to provide digital banking guarantees that are backed by a blockchain-powered platform.