The Tel Aviv Stock Exchange (TASE) teamed up with Accenture Plc (NYSE:CAN), Intel Corporation (NASDAQ:INTC) & Israeli Fintech firm The Floor to launch a new securities lending blockchain technology-based platform. It was started in March 2017 at the International Blockchain Hackathon.
The “first of its kind” platform will be based on the Intel Hyperledger Sawtooth which encrypts data transactions using Intel software Guard Extension. The global professional services company Accenture will use Intel applications for creating the smart contract. The project is divided into two phases in which the first phase is to develop an initial proof-of-concept (PoC). The second phase will be to deploy the platform to the public.
According to the Vice President of Software and Services Group at Intel, Rick Echevarria, blockchain can transform business processes and his company’s SGX technology serves as an important enabling technology for blockchain solutions. He said, “Today’s announcement is exciting as it demonstrates the progress made by TASE, The Floor, and Accenture in developing a solution that accelerates blockchain adoption and, more importantly, brings value to the financial services market in Israel.”
TASE Intends To Derive Profits From BSL
TASE, created in 1953 and a home to over 450 companies will develop a central platform called Blockchain Securities Lending (BSL) with the aim to bring revolution in the Israeli securities market. The exchange will streamline direct lending among all the major financial instruments making it a one-stop-shop platform for all the operations related to securities lending. The exchange will also work as a medium to access larger securities volumes in shorter terms. The implementation of blockchain technology in the creation of BSL will ensure that TASE gains profits from the advantages the platform will provide including smart contracts, enhanced security, and peer-to-peer transactions.
New Platform To Reduce Time, Offer Better Security
According to TASE, BSL will cut down the time taken for working on large loads of securities. The CEO of TASE, Ittai Ben-Zeev said that the central platform will offer better security to all the transactions, promote growth in the securities market and cut down transaction cost through the peer-to-peer transaction.